Topic 7 - Revenue from Contracts with Customers Flashcards
1
Q
Describe the components of “revenue”; what is included and not included
A
2
Q
Describe the 5 step model for recognising revenue;
A
3
Q
Describe the presentation of contracts in the final statements;
A
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4
Q
Describe sale or return;
A
5
Q
Describe sale or repurchase;
A
6
Q
How does consignment inventory work?
A
7
Q
Describe how construction contracts work;
A
8
Q
Discuss construction contracts with reference to “gross amount due”;
A
9
Q
Discuss “profitable contracts”;
A
10
Q
Discuss “loss making contracts”;
A
