FSA Question(s)

  1. Under US GAAP, which of the following criteria does not need to be met to use the gross revenue reporting: a) bear inventory risk and credit risk b) limted to one supplier c) primary obligor under the contract d) have reasonable latitude to establish the price More to come if interested


  1. Which of the following is correct a) LIFE and FIFO can be used under IFRS and US GAAP b) Fifo is permited under US GAAP but prohibted under IFRS c) LIFO is permitted under GAAP but not IFRS d) FIFO and Average cost are prohibited under GAAP


B and C

For discontinuing operations: a) expected gain on disposal is reported as soon as sale price is determined b) expected gain on disposal any loss will be accrued on the measurement date c) the measurement date is the time when the final disposal is completed d) gain on teh dispoal is reported after the sale is complete