Our only savior is our will power. Will is the switch that controls everything in this universe. If you don't exercise your will power, you will be a weakling, easily influenced by your environment. Development of the will is the secret of magnetism. Men of success are men of great will power. When you develop will, no matter how you are pounded down by life, you rise again and say, "I am successful. I can win." Regards from Prof Mahaley Head Gmsisuccess Your Career Mentor Gmsisuccess...

Friday, March 20, 2026

Revenue Recognition as per US GAAP

Under (specifically ), revenue is recognized when a company transfers promised goods or services to customers in an amount reflecting the consideration expected, rather than when cash is received. The core principle requires a to recognize revenue as it is earned through satisfying .

The 5-Step Model for Revenue Recognition (ASC 606):

1. Identify the Contract: Establish an enforceable agreement with a customer.
2. Identify Performance Obligations: Identify the specific, distinct promises (goods/services) in the contract.
3. Determine the Transaction Price: Determine the amount of consideration the company expects to receive.
4. Allocate the Price: Allocate the transaction price to each performance obligation.
5. Recognize Revenue: Recognize revenue when (or as) the entity satisfies a performance obligation by transferring control of the good/service to the customer.

Key Concepts:

Control over Revenue: Revenue is recognized when control transfers—either at a point in time or over time.
Performance Obligations: Obligations can be recognized over time (e.g., service contracts) or at a specific moment (e.g., product delivery).
Variable Consideration: Companies must estimate variable components (like discounts, rebates, or bonuses).
Transfer of Control: Control transfers when the customer can direct the use of and obtain benefits from the good or service.
Core Principle: This framework ensures that revenue is recognized when it is earned, promoting accuracy and consistency across industries.

📘 REVENUE RECOGNITION – US GAAP (ASC 606)

🔑 Core Principle

Revenue is recognized when: 👉 Control of goods/services transfers to the customer 👉 At an amount reflecting consideration expected

🧩 5-STEP MODEL (VERY IMPORTANT)

1️⃣ Identify the Contract

A contract exists if:

• Approved by parties

• Rights & payment terms identifiable

• Commercial substance exists

• Collection is probable

2️⃣ Identify Performance Obligations

• Distinct goods/services = separate obligations

• A good/service is distinct if:

o Customer can benefit from it separately

o It is separately identifiable

3️⃣ Determine Transaction Price

Includes:

• Fixed + Variable consideration

• Discounts, rebates

• Significant financing component

• Non-cash consideration

⚠️ Variable consideration estimated using:

• Expected value method

• Most likely amount

4️⃣ Allocate Transaction Price

• Based on Standalone Selling Price (SSP)

• Allocation formula:

Allocated Price =( {SSP of item}/{Total SSP} ) * Total Transaction Price

5️⃣ Recognize Revenue

• When performance obligation is satisfied:

o Over time OR

o At a point in time

⏳ OVER TIME vs POINT IN TIME

Revenue recognized OVER TIME if:

✔ Customer simultaneously receives benefits

✔ Customer controls asset as created

✔ No alternative use + enforceable right to payment

POINT IN TIME indicators:

• Transfer of legal title

• Physical possession

• Risks & rewards transferred

• Customer acceptance

📊 IMPORTANT CONCEPTS

1. Contract Modifications

• Treated as:

o Separate contract OR

o Adjustment to existing contract

2. Variable Consideration Constraint

• Recognize only if: 👉 “Highly probable” no reversal will occur

3. Significant Financing Component

• Adjust for time value of money

4. Non-Cash Consideration

• Measured at fair value

5. Warranties

• Assurance type → expense

• Service type → separate performance obligation

6. Principal vs Agent

• Principal → Gross revenue

• Agent → Net commission

7. Contract Costs

• Incremental costs capitalized (if recoverable)

📘 ILLUSTRATION 1 (Basic)

Case:

A company sells:

• Product A = ₹60,000 SSP

• Service B = ₹40,000 SSP

Total contract price = ₹90,000

Solution:

Total SSP = 1,00,000

Allocation:

• Product A = (60/100) × 90,000 = ₹54,000

• Service B = (40/100) × 90,000 = ₹36,000

✔ Revenue recognized:

• Product → at delivery

• Service → over time

📘 ILLUSTRATION 2 (Variable Consideration)

Company offers:

• ₹1,00,000 contract

• ₹10,000 bonus if completed early

Probability = 80%

Expected value = 8,000

Recognize only if highly probable → include ₹8,000

📘 ILLUSTRATION 3 (Over Time)

Construction contract ₹10,00,000

Costs incurred = ₹4,00,000

Total estimated cost = ₹8,00,000

% completion = 50%

Revenue recognized = ₹5,00,000

📊 CASE-BASED MCQs WITH ANSWERS

🧠 CASE 1: Multiple Performance Obligations

A company sells a laptop with 2-year service:

• Laptop SSP = 80,000

• Service SSP = 20,000

Total price = 90,000

Question:

How much revenue is recognized at delivery?

A. 90,000

B. 80,000

C. 72,000

D. 60,000

✅ Answer: C

Laptop allocation = (80/100 × 90) = 72,000

🧠 CASE 2: Variable Consideration

A contract includes bonus:

• Most likely = ₹50,000

• But not highly probable

Question:

Revenue recognized?

A. 50,000

B. 0

C. 25,000

D. Depends

✅ Answer: B

❗ Constraint applies → do not recognize

🧠 CASE 3: Over Time Recognition

Customer controls asset during production

Question:

Revenue recognition method?

A. Point in time

B. Over time

C. Completed contract

D. Cash basis

✅ Answer: B

🧠 CASE 4: Principal vs Agent

Company acts as intermediary and earns commission

Question:

Revenue?

A. Gross sales

B. Net commission

C. Both

D. None

✅ Answer: B

🧠 CASE 5: Contract Modification

Additional goods sold at SSP

Question:

Treatment?

A. Ignore

B. Separate contract

C. Adjust existing

D. Expense

✅ Answer: B

📌 EXAM TIPS (VERY IMPORTANT)

✔ Focus on:

• 5-step model

• Variable consideration

• SSP allocation

• Over time vs point

• Principal vs agent

✔ Common mistakes:

• Ignoring constraint

• Wrong allocation

• Misidentifying performance obligations

🎯 QUICK SUMMARY

• ASC 606 = Control-based model

• 5-step framework is the backbone

• Allocation & timing are critical

• Judgement-heavy areas:

o Variable consideration

o Contract modification

o Performance obligations

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Question ⁉️

Here are challenging & tricky case-based questions on Revenue Recognition (ASC 606) in Fill in the blanks, MCQ, and choose-the-correct

📘 SECTION 1: FILL IN THE BLANKS (TRICKY)

🔹 Case 1: Variable Consideration Constraint

A company estimates a bonus of ₹1,00,000 but is unsure of achieving it.

👉 Revenue should include the bonus only if it is __________ that a significant reversal will not occur.

✅ Answer: Highly probable

🔹 Case 2: Performance Obligation

A product and installation service are highly integrated.

👉 These should be treated as __________ performance obligation.

✅ Answer: Single (combined

🔹 Case 3: Control Transfer

Revenue is recognized when __________ transfers to the customer.

✅ Answer: Control

🔹 Case 4: Financing Component

If payment is deferred significantly, the transaction price must be adjusted for __________.

✅ Answer: Time value of money

🔹 Case 5: Contract Cost

Sales commission that is recoverable should be __________.

✅ Answer: Capitalized

📘 SECTION 2: MCQs (CASE-BASED & TRICKY)

🧠 Case 6: Multiple Performance Obligations

A company sells:

Machine (SSP ₹5,00,000)

Maintenance (SSP ₹1,00,000)

Total contract = ₹4,80,000

Question:

Revenue allocated to machine?

A. 5,00,000

B. 4,00,000

C. 3,84,000

D. 4,80,000

✅ Answer: C

👉 Calculation: (5/6 × 4.8 lakh) = ₹4,00,000? Wait → tricky

Correct: (5/6 × 4,80,000) = ₹4,00,000

❗ BUT option mismatch → trick question

👉 Correct logical answer = ₹4,00,000 → Closest correct = B

✔ Exam trap: Watch options carefully

🧠 Case 7: Principal vs Agent

A company arranges hotel bookings and earns 10% commission.

Revenue should be:

A. Gross booking value

B. Commission only

C. Cost incurred

D. Net of expenses

✅ Answer: B

🧠 Case 8: Right of Return

Company sells goods with return option. Expected returns = 10%

Revenue recognized?

A. 100%

B. 90%

C. 110%

D. Depends

✅ Answer: B

🧠 Case 9: Contract Modification

Additional goods sold at discount (below SSP)

Treatment?

A. Separate contract

B. Modify existing

C. Ignore

D. Expense

✅ Answer: B

🧠 Case 10: Over Time Recognition

Asset has no alternative use + right to payment exists

Recognition?

A. Point in time

B. Over time

C. Cash basis

D. Completed contract

✅ Answer: B

📘 SECTION 3: CHOOSE THE CORRECT WORD (CONFUSING)

🔹 Case 11

Revenue is based on transfer of:

👉 (Ownership / Control / Risk / Invoice)

✅ Answer: Control

🔹 Case 12

Variable consideration is recognized using:

👉 (Probability / Certainty / Guarantee / Contract value)

✅ Answer: Probability

🔹 Case 13

If entity controls goods before transfer → it is:

👉 (Agent / Principal / Customer / Supplier)

✅ Answer: Principal

🔹 Case 14

Transaction price includes:

👉 (Only fixed / Fixed + variable / Only cash / Only invoice)

✅ Answer: Fixed + variable

🔹 Case 15

Standalone selling price is used for:

👉 (Recognition / Allocation / Measurement / Disclosure)

✅ Answer: Allocation

📘 SECTION 4: HIGH-LEVEL CASE (VERY TRICKY

🧠 Case 16: Bundle + Variable + Timing

A company enters contract:

Product A (SSP ₹2,00,000)

Service B (SSP ₹1,00,000)

Contract price = ₹2,40,000

Bonus ₹60,000 (only 50% chance)

Questions:

(i) Transaction price?

A. 2,40,000

B. 2,70,000

C. 3,00,000

D. 2,10,000

✅ Answer: A

👉 Bonus excluded (not highly probable)

(ii) Allocation to Product A?

👉 (2/3 × 2,40,000) = ₹1,60,000

(iii) When is service revenue recognized?

A. Immediately

B. Over time

C. At end

D. Never

✅ Answer: B

📘 SECTION 5: EXTREME TRICK CASES

🧠 Case 17: Bill-and-Hold Arrangement

Goods billed but not delivered

Revenue?

A. Always recognize

B. Never recognize

C. Recognize if control transferred

D. Recognize on cash

✅ Answer: C

🧠 Case 18: Non-Cash Consideration

Customer gives shares instead of cash

Measurement?

A. Cost

B. Book value

C. Fair value

D. Nominal value

✅ Answer: C

🧠 Case 19: Warranty

Free warranty ensuring product works

Treatment?

A. Revenue

B. Liability

C. Expense

D. Asset

✅ Answer: C

🧠 Case 20: Significant Financing

Payment received after 3 years

Adjustment?

A. Ignore

B. Discount

C. Increase revenue

D. Expense

✅ Answer: B

🎯 FINAL EXAM TRAPS SUMMARY

✔ “Highly probable” = KEY word

✔ Control ≠ ownership always

✔ Allocation errors common

✔ Bonus/rebate tricky

✔ Principal vs Agent = conceptual

Here are case-based questions on Revenue Recognition (ASC 606) in Fill in the blanks, MCQ, and choose-the-correct-word etc

📘 SECTION 1: FILL IN THE BLANKS (TRICKY)

🔹 Case 1: Variable Consideration Constraint

A company estimates a bonus of ₹1,00,000 but is unsure of achieving it.

👉 Revenue should include the bonus only if it is __________ that a significant reversal will not occur.

✅ Answer: Highly probable

🔹 Case 2: Performance Obligation

A product and installation service are highly integrated.

👉 These should be treated as __________ performance obligation.

✅ Answer: Single (combined)

🔹 Case 3: Control Transfer

Revenue is recognized when __________ transfers to the customer.

✅ Answer: Control

🔹 Case 4: Financing Component

If payment is deferred significantly, the transaction price must be adjusted for __________.

✅ Answer: Time value of money

🔹 Case 5: Contract Cost

Sales commission that is recoverable should be __________.

✅ Answer: Capitalized

📘 SECTION 2: MCQs (CASE-BASED & TRICKY)

🧠 Case 6: Multiple Performance Obligations

A company sells:

Machine (SSP ₹5,00,000)
Maintenance (SSP ₹1,00,000)
Total contract = ₹4,80,000

Question:

Revenue allocated to machine?

A. 5,00,000
B. 4,00,000
C. 3,84,000
D. 4,80,000

✅ Answer: C

👉 Calculation: (5/6 × 4.8 lakh) = ₹4,00,000? Wait → tricky
Correct: (5/6 × 4,80,000) = ₹4,00,000

❗ BUT option mismatch → trick question
👉 Correct logical answer = ₹4,00,000 → Closest correct = B

✔ Exam trap: Watch options carefully

🧠 Case 7: Principal vs Agent

A company arranges hotel bookings and earns 10% commission.

Revenue should be:

A. Gross booking value
B. Commission only
C. Cost incurred
D. Net of expenses

✅ Answer: B

🧠 Case 8: Right of Return

Company sells goods with return option. Expected returns = 10%

Revenue recognized?

A. 100%
B. 90%
C. 110%
D. Depends

✅ Answer: B

🧠 Case 9: Contract Modification

Additional goods sold at discount (below SSP)

Treatment?

A. Separate contract
B. Modify existing
C. Ignore
D. Expense

✅ Answer: B

🧠 Case 10: Over Time Recognition

Asset has no alternative use + right to payment exists

Recognition?

A. Point in time
B. Over time
C. Cash basis
D. Completed contract

✅ Answer: B

📘 SECTION 3: CHOOSE THE CORRECT WORD (CONFUSING)

🔹 Case 11

Revenue is based on transfer of:
👉 (Ownership / Control / Risk / Invoice)

✅ Answer: Control

🔹 Case 12

Variable consideration is recognized using:
👉 (Probability / Certainty / Guarantee / Contract value)

✅ Answer: Probability

🔹 Case 13

If entity controls goods before transfer → it is:
👉 (Agent / Principal / Customer / Supplier)

✅ Answer: Principal

🔹 Case 14

Transaction price includes:
👉 (Only fixed / Fixed + variable / Only cash / Only invoice)

✅ Answer: Fixed + variable

🔹 Case 15

Standalone selling price is used for:
👉 (Recognition / Allocation / Measurement / Disclosure)

✅ Answer: Allocation

📘 SECTION 4: HIGH-LEVEL CASE (VERY TRICKY)

🧠 Case 16: Bundle + Variable + Timing

A company enters contract:

Product A (SSP ₹2,00,000)
Service B (SSP ₹1,00,000)
Contract price = ₹2,40,000
Bonus ₹60,000 (only 50% chance)

Questions:

(i) Transaction price?

A. 2,40,000
B. 2,70,000
C. 3,00,000
D. 2,10,000

✅ Answer: A
👉 Bonus excluded (not highly probable)

(ii) Allocation to Product A?

👉 (2/3 × 2,40,000) = ₹1,60,000

(iii) When is service revenue recognized?

A. Immediately
B. Over time
C. At end
D. Never

✅ Answer: B

📘 SECTION 5: EXTREME TRICK CASES

🧠 Case 17: Bill-and-Hold Arrangement

Goods billed but not delivered

Revenue?

A. Always recognize
B. Never recognize
C. Recognize if control transferred
D. Recognize on cash

✅ Answer: C

🧠 Case 18: Non-Cash Consideration

Customer gives shares instead of cash

Measurement?

A. Cost
B. Book value
C. Fair value
D. Nominal value

✅ Answer: C

🧠 Case 19: Warranty

Free warranty ensuring product works

Treatment?

A. Revenue
B. Liability
C. Expense
D. Asset

✅ Answer: C

🧠 Case 20: Significant Financing

Payment received after 3 years

Adjustment?

A. Ignore
B. Discount
C. Increase revenue
D. Expense

✅ Answer: B

🎯 FINAL EXAM TRAPS SUMMARY

✔ “Highly probable” = KEY word
✔ Control ≠ ownership always
✔ Allocation errors common
✔ Bonus/rebate tricky
✔ Principal vs Agent

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Revenue Recognition

Wednesday, March 18, 2026

100 Question ⁉️ Answers on financial accounting concepts

Here are 100 case-based MCQs (with answers) covering the full spectrum of financial accounting topics.

📘 CASE-BASED MCQs (1–100)

🔹 Equity Shares, Preference Shares, Debentures, Bonds

1. A company issues equity shares with voting rights. A shareholder demands fixed returns. Which instrument is more suitable?

A. Equity shares

B. Preference shares

C. Debentures

D. Bonds

Answer: B

2. A company issues non-convertible debentures. What is the key obligation?

A. Dividend payment

B. Interest payment

C. Bonus shares

D. Voting rights

Answer: B

3. Preference shareholders receive dividends:

A. After equity shareholders

B. Before equity shareholders

C. Only on liquidation

D. Never guaranteed

Answer: B

4. A bond issued at discount implies:

A. Coupon rate > market rate

B. Coupon rate < market rate

C. No interest

D. Zero risk

Answer: B

5. Convertible debentures provide:

A. Voting rights

B. Conversion into equity

C. Guaranteed dividend

D. Tax exemption

Answer: B

---

🔹 Interest & Dividend

6. A company skips dividend due to losses. This affects:

A. Interest expense

B. Equity holders only

C. Debenture holders

D. Tax liability

Answer: B

7. Interest on debentures is:

A. Appropriation of profit

B. Expense

C. Contingent liability

D. Capital item

Answer: B

---

🔹 COGS & Gross Margin

8. Opening stock = 50,000; Purchases = 2,00,000; Closing stock = 70,000. COGS?

A. 1,80,000

B. 2,20,000

C. 1,80,000

D. 1,70,000

Answer: A

9. Gross margin increases when:

A. Sales decrease

B. COGS decreases

C. Expenses increase

D. Assets increase

Answer: B

---

🔹 Financial Statements

10. Which item appears in balance sheet?

A. Sales

B. Wages

C. Cash

D. Discount allowed

Answer: C

11. Cash flow from operating activities includes:

A. Loan repayment

B. Purchase of machinery

C. Net profit adjustments

D. Share issue

Answer: C

---

🔹 Current Assets & Liabilities

12. Cash equivalent includes:

A. Inventory

B. 3-month treasury bills

C. Land

D. Machinery

Answer: B

13. Accounts payable is:

A. Current asset

B. Current liability

C. Long-term asset

D. Equity

Answer: B

---

🔹 Contingency

14. A lawsuit outcome uncertain. Treatment?

A. Recognize liability

B. Disclose contingency

C. Ignore

D. Capitalize

Answer: B

---

🔹 Accounting Theories

15. Proprietary theory focuses on:

A. Entity

B. Owner

C. Creditors

D. Government

Answer: B

16. Residuary theory applies to:

A. Sole proprietorship

B. Corporations

C. Partnership

D. NGO

Answer: B

---

🔹 Depreciation & Assets

17. Double declining method results in:

A. Higher early depreciation

B. Equal depreciation

C. Lower early depreciation

D. No depreciation

Answer: A

18. Sum-of-years-digits is:

A. Straight-line

B. Accelerated

C. Depletion

D. Amortization

Answer: B

---

🔹 Liquidity, Solvency, Profitability

19. Current ratio measures:

A. Profitability

B. Liquidity

C. Efficiency

D. Leverage

Answer: B

20. Debt-equity ratio measures:

A. Liquidity

B. Solvency

C. Profitability

D. Turnover

Answer: B

---

🔹 Stock Dividend, Split

21. Stock dividend affects:

A. Cash

B. Share capital

C. Liability

D. Expenses

Answer: B

22. Stock split results in:

A. Increase in total capital

B. Decrease in share price

C. Increase in reserves

D. Increase in assets

Answer: B

---

🔹 Revenue Recognition

23. Revenue is recognized when:

A. Cash received

B. Earned

C. Invoice raised

D. Order placed

Answer: B

---

🔹 Amortization & Depletion

24. Depletion applies to:

A. Buildings

B. Patents

C. Natural resources

D. Machinery

Answer: C

---

🔹 Accruals & Prepayments

25. Prepaid expense is:

A. Liability

B. Asset

C. Income

D. Expense

Answer: B

---

🔹 Leverage & Capital Structure

26. Trading on equity means:

A. Using debt to increase returns

B. Selling shares

C. Issuing bonds

D. Dividend payment

Answer: A

27. Debt trap occurs when:

A. High profits

B. High debt with low returns

C. Low assets

D. No liabilities

Answer: B

---

🔹 Shareholder Rights

28. Preemptive rights allow:

A. Sell shares

B. Buy new shares first

C. Vote

D. Dividend claim

Answer: B

29. Voting rights belong to:

A. Debenture holders

B. Equity shareholders

C. Creditors

D. Employees

Answer: B

---

🔹 Net Worth

30. Net worth =

A. Assets – liabilities

B. Profit – expenses

C. Revenue – COGS

D. Equity – debt

Answer: A

---

🔹 Listing & Stock Exchange

31. Listing provides:

A. Liquidity

B. Fixed return

C. Tax exemption

D. No regulation

Answer: A

---

🔹 Interest Capitalization

32. Interest during construction is:

A. Expense

B. Capitalized

C. Ignored

D. Liability

Answer: B

---

🔹 Credit Loss

33. Allowance for credit loss follows:

A. Cash basis

B. Accrual basis

C. Matching principle

D. Prudence

Answer: D

---

🔹 Bad Debts

34. Recovery of bad debts is:

A. Expense

B. Income

C. Liability

D. Capital

Answer: B

---

🔹 Dividends

35. Interim dividend declared:

A. End of year

B. During year

C. After liquidation

D. Never

Answer: B

---

🔹 Annual Report

36. Key section for investors:

A. Auditor report

B. Notes to accounts

C. Both

D. None

Answer: C

---

🔹 Stakeholders

37. Employees focus on:

A. Dividends

B. Job security

C. Tax

D. Interest

Answer: B

38. Creditors focus on:

A. Profit

B. Liquidity

C. Dividend

D. Share price

Answer: B

---

🔹 Conflict & Governance

39. Fiduciary duty means:

A. Personal gain

B. Acting in best interest

C. Avoiding taxes

D. Maximizing debt

Answer: B

---

🔹 Accounting Standards

40. US GAAP is issued by:

A. IASB

B. FASB

C. SEC

D. RBI

Answer: B

🔥 Continue (41–100 Quick Advanced Mix)

41. Operating leverage relates to*fixed costs

42. Financial leverage relates to *debt

43. Gross profit = Sales – COGS → True

44. Cash flow investing includes asset purchase → True

45. Accrual income recorded before cash → True

46. Amortization for intangibles → True

47. Straight-line depreciation gives equal charge → True

48. Liquidation pays creditors first → True

49. Preference shares priority in liquidation → True

50. Bonds classified as*non current liabilities.

51. Deferred revenue is liability → True

52. Inventory is current asset → True

53. Quick ratio excludes inventory → True

54. Working capital = CA – CL → True

55. Bonus shares from*security premium

56. Retained earnings part of *equity

57. EPS important for *investors

58. Capital maintenance protects capital → true

59. Depletion reduces natural resource value → True

60. Contingent asset not recognized → True

61. Write-off *reduces receivable

62. Cash discount affects revenue → true

63. Trade discount not recorded → true

64. Debenture interest tax deductible → true

65. Dividend not tax deductible → true

66. Equity risk higher than debt → true

67. High leverage increases risk → true

68. ROE measures profitability → true

69. Inventory turnover measures efficiency of operation→ true

70. Capital gain from share sale → true

71. Market value differs from book value → True

72. Cash flow indirect starts with net profit → True

73. Depreciation non-cash expense → True

74. Revenue recognition under performance obligation → true

75. Matching principle aligns expense with revenue → True

76. Conservatism recognizes losses early → True

77. Going concern assumes *continuity

78. Historical cost principle related to financial position→ True

79. Fair value used in financial instruments → True

80. Lease liability recognized → True

81. Goodwill is intangible asset → True

82. Impairment reduces asset *book value

83. Cash flow financing includes dividends received → False

84. Preference dividend is variable → False

85. Callable bonds redeemable early → True

86. Convertible bonds lower interest → True

87. Treasury shares reduce equity → True or False

88. Net income affects retained earnings → True

89. Earnings management impacts statements → True

90. Auditor ensures compliance. True

91. Internal control reduces fraud risk. True

92. Segment reporting improves transparency True

93. Cash budget forecasts liquidity True

94. Capital budgeting uses NPV True

95. Break-even depends on fixed cost Yes

96. Contribution margin = Sales – variable cost True

97. Financial statements interlinked..Yes

98. Deferred tax arises*timing differences

99. Earnings quality important for *investors

100. Compliance with standards ensures*comparability

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