ACCA 2026 FR Financial Reporting Revenue Recognition Free Quiz 2

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ACCA 2026 FR Financial Reporting Revenue Recognition Free Quiz 2

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ACCA 2026 FR Financial Reporting Revenue Recognition Free Quiz 2

Practice ACCA 2026 FR Financial Reporting MCQs from Revenue Recognition. Get instant results with Explanation.

General10 MCQs

1. How is revenue from long-term construction contracts recognised?

A. Construction contract revenue is often recognised over time using percentage-of-completionB. Construction contract revenue is recognised only at completionC. Construction contract revenue is recognised when payment is receivedD. Construction contract revenue is recognised at the end of the year

2. How are warranties treated in revenue recognition?

A. All warranties are separate performance obligationsB. All warranties are provisionsC. Warranties are never separate performance obligationsD. A warranty may be a separate performance obligation if it provides a service beyond assurance

3. What is the difference between principal and agent in revenue recognition?

A. Principal recognises revenue net; agent recognises revenue grossB. Principal recognises revenue gross; agent recognises revenue netC. Principal and agent both recognise revenue grossD. Principal and agent both recognise revenue net

4. How is revenue recognised for sales with a right of return?

A. Revenue is recognised for the full amount with no adjustment for returnsB. Revenue is recognised only when the return period expiresC. Revenue is recognised for the amount expected to be entitled to, with a refund liability for expected returnsD. Revenue is recognised when the goods are returned

5. What is a material right in revenue recognition?

A. A material right is a significant discount or option that is a separate performance obligationB. A material right is the same as a warrantyC. A material right is not recognised in revenueD. A material right is a liability

General10 MCQs

6. What disclosures are required under IFRS 15?

A. IFRS 15 requires no disclosures about revenueB. IFRS 15 requires only minimal disclosuresC. IFRS 15 requires disclosures only about contract balancesD. IFRS 15 requires extensive disclosures about revenue and contracts

7. What is the core principle of IFRS 15?

A. The core principle is to recognise revenue when cash is receivedB. The core principle is to recognise revenue to depict the transfer of promised goods or servicesC. The core principle is to recognise revenue when the contract is signedD. The core principle is to recognise revenue when the invoice is sent

8. How is a contract modification treated under IFRS 15?

A. All contract modifications are treated as separate contractsB. All contract modifications are treated as changes to the existing contractC. A contract modification may be a separate contract if it adds distinct goods or services at a standalone priceD. Contract modifications are not recognised

9. How is non-cash consideration measured in revenue recognition?

A. Non-cash consideration is measured at fair valueB. Non-cash consideration is measured at costC. Non-cash consideration is measured at carrying amountD. Non-cash consideration is not recognised

10. To which contracts does IFRS 15 apply?

A. IFRS 15 applies to all contracts, including leasesB. IFRS 15 applies only to goodsC. IFRS 15 applies only to servicesD. IFRS 15 applies to all contracts with customers, except those covered by other standards

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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