CFA 2026 Level I Financial Statement Analysis Revenue Recognition Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Revenue Recognition Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Revenue Recognition Free Quiz 1

Practice CFA 2026 Level I Financial Statement Analysis MCQs from Revenue Recognition. Get instant results with Explanation.

General10 MCQs

1. Under IFRS 15, when should revenue be recognized?

A. When control of the goods or services transfers to the customer.B. When cash is received from the customer.C. When risks and rewards are transferred.D. When the contract is signed.

2. What are the five steps in the revenue recognition model?

A. Identify contract, identify customer, determine price, allocate price, recognize revenue.B. Identify contract, identify performance obligations, determine transaction price, allocate transaction price, recognize revenue when satisfied.C. Identify customer, determine price, deliver goods, receive cash, recognize revenue.D. Identify contract, determine price, deliver goods, recognize revenue.

3. What is a performance obligation under IFRS 15?

A. The contract with a customer.B. The transaction price.C. A promise to transfer a distinct good or service.D. The customer's payment.

4. What is the transaction price in revenue recognition?

A. The amount invoiced to the customer.B. The amount of cash received.C. The list price of the goods.D. The amount of consideration expected to be entitled.

5. Under IFRS 15, when is revenue recognized over time?

A. Customer consumes benefit as entity performs, customer controls asset, or entity has no alternative use and right to payment.B. Risks and rewards are transferred.C. Legal title transfers.D. Cash is received.

General10 MCQs

6. How is the transaction price allocated in multiple-element arrangements?

A. Allocate based on cost.B. Allocate based on relative standalone selling prices.C. Allocate equally to each obligation.D. Allocate based on the residual method.

7. When is revenue from the sale of goods recognized under IFRS?

A. When services are performed.B. When risks and rewards are transferred.C. When control is transferred.D. When cash is received.

8. What is a contract asset?

A. A receivableB. Deferred revenueC. A contract liabilityD. A contract asset

9. What is a contract liability?

A. A contract liabilityB. A contract assetC. A receivableD. Revenue

10. What is variable consideration?

A. Fixed considerationB. Variable considerationC. A contract assetD. A performance obligation

📋 CFA - Test Online Practice Quizzes

CFA

Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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