Which of the Following Are Excluded from the Scope of IFRS

question 10

Multiple Choice

Which of the following are excluded from the scope of IFRS 15?
I the initial recognition of agricultural produce
II insurance contracts within the scope of IFRS 4 Insurance Contracts
III the extraction of mineral ores
IV lease agreements

• A) I, II only
• B) II, III and IV only
• C) I, III and IV only
• D) I, II, III and IV

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Definitions:

Internal Constraints

Limitations within an organization that restrict its ability to achieve its goals, such as budget constraints, limited manpower, or technology restrictions.

Straight-Line

A method of calculating depreciation or amortization by equally spreading the cost over the useful life of an asset.

Required Rate

The minimum return an investor expects to achieve by investing in a project or security.

Marginal Tax Rate

The percentage of tax applied to your income for each tax bracket in which you qualify.