the questions are indicated on the picture

PKU PROBLEM 1: TRUE OR FALSE 1. "Step 2" of the revenue recognition under PFRS 15 is the allocation of the transaction price to the performance obligations in the contract. 2. According to PFRS 15, each promise to deliver a distinct good or service in a contract is treated as a separate performance obligation. 3. Entity X enters into a contract to build a house for a customer The contract identifies the customer as the 'owner and is entitled to any asset created in case the contract is terminated before completion. Entity X's performance obligation is most likely to be one that is satisfied at a point in time. 4. Revenue from a performance obligation that is satisfied over time is recognized as the entity progresses towards the complete satisfaction of the performance obligation. Fact pattern: Entity A, a construction firm, uses the percentage of completion method to account for its construction contracts. Entity A measures its progress on a contract using the 'cost-to-cost method. During the year, Entity A started work on a P10M fixed- price contract and incurred contract costs of P4M. The estimated total contract costs are P8M. 5. Entity A recognizes zero revenue for the year because the contract is not yet complete. 6. Entity A recognizes gross profit of PIM for the year. 7. The percentage of completion under a construction contract is always computed based on the costs incurred to date as they bear to the expected total costs at completion. 8. Contract assets and receivables are the same. 9. A contract liability is recognized if an entity bills a customer before the transfer of a promised good or service. 10. A contract asset is recognized if an entity's right to consideration is unconditional