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True/False: Step 1 of MFRS 15 is about identifying whether a contract with a customer exists.
True
True/False: A contract must always be written to meet the requirements of Step 1.
False
True/False: For a contract to exist, the parties must approve it and be committed to perform.
True
True/False: The entity must identify rights and payment terms in the contract.
True
True/False: A contract has commercial substance if it changes the entity’s future cash flows.
True
True/False: If collectability of payment is not probable, revenue should not yet be recognised.
True
True/False: An oral or electronic agreement can sometimes qualify as a contract under MFRS 15.
True
True/False: If the customer is very unlikely to pay, the agreement does not qualify as a contract under Step 1.
False
