Team 1
0
Team 2
0
Teams
Name
Score
1
2
3
4
5
6
7
8
9
10
Loading
15
×
True/False: If the customer is very unlikely to pay, the agreement does not qualify as a contract under Step 1.
False
Oops!
Check
Okay!
Check
15
×
True/False: A contract has commercial substance if it changes the entity’s future cash flows.
True
Oops!
Check
Okay!
Check
15
×
True/False: The entity must identify rights and payment terms in the contract.
True
Oops!
Check
Okay!
Check
15
×
True/False: Step 1 of MFRS 15 is about identifying whether a contract with a customer exists.
True
Oops!
Check
Okay!
Check
×
banana
Go to last place!
Oops!
×
rocket
Go to first place!
Okay!
×
fairy
Take points!
5
10
15
20
25
×
thief
Give points!
5
10
15
20
25
15
×
True/False: For a contract to exist, the parties must approve it and be committed to perform.
True
Oops!
Check
Okay!
Check
15
×
True/False: If collectability of payment is not probable, revenue should not yet be recognised.
True
Oops!
Check
Okay!
Check
×
seesaw
Swap points!
Oops!
×
seesaw
Swap points!
Okay!
×
rocket
Go to first place!
Okay!
×
thief
Give points!
5
10
15
20
25
15
×
True/False: A contract must always be written to meet the requirements of Step 1.
False
Oops!
Check
Okay!
Check
15
×
True/False: An oral or electronic agreement can sometimes qualify as a contract under MFRS 15.
True
Oops!
Check
Okay!
Check
×
Restart
Review
Join for Free
;
Your experience on this site will be improved by allowing cookies.
Allow cookies
