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Knowledge Check 01 Which of the following statements about franchises are true? (Select all that apply.) Check All That Apply A franchise involves a license to use intellectual property. | A franchise involves initial sales of products and services as well as ongoing sales of products and services. Each part of the franchise arrangement must be evaluated to identify the performance obligations. In a franchise arrangement, a franchisee grants to the franchisor the right to sell the franchisor's products and use its name. Knowledge Check 01 Which of the following statements about the definition of the word "probable" are true? (Select all that apply.) Check All That Apply 0 IFRS defines "probable" as a likelihood that is greater than 25%. 0 The IFRS definition of the word "probable" is higher than the definition in U.S. GAAP. 0 The U.S. GAAP definition of the word "probable" implies a relatively high likelihood of occurrence. 0 U.S. GAAP defines "probable" to mean an amount can reasonably be expected or believed on the basis of available evidence or logic but is neither certain nor proved. Knowledge Check 01 Which of the following would indicate that control has passed from the seller to the customer? (Select all that apply.) Check All That Apply The asset is warehoused by a seller-affiliated third party. Legal title to the asset has passed to the customer. The customer has assumed the risks and rewards of ownership of the asset. The customer has an obligation to pay the seller. Knowledge Check 01 Which of the following are criteria that must be met before revenue can be recognized over time? (Select all that apply.) Check All That Apply 0 The customer consumes the benefit of the seller's work as it is performed. 0 The customer controls the asset as it is created. 0 The seller is creating an asset that has an alternative use to the seller, and the seller has the legal right to receive payment for progress to date. 0 The seller is creating an asset that has no alternative use to the seller, and the seller has the legal right to receive payment for progress to date.

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Please note only relevant applicable answers are mention.

Following statement about franchise are true

1. A franchise involve a license to use intellectual property

2. Each part of agreement must be evaluated to identify performance obligation.

3. Under franchisee agreement franchisor allow franchisee holder to sell franchisor’s product and use its name

Following statement are true about definition of Probable

1. US GAAP defines probable mean an amount can reasonably be accepted or believed on the basis of available evidence but neither certain not proved.

Following statement proved control has passed from seller to the customer

1. The asset is ware housed by seller affiliated third party

2. Legal title to asset has been passed to customer

3. The customer has obligation to pay

Following are criteria which are must be met before revenue can be recognized over the time

1.  Customer consumes the benefit of seller’s work as it is performed

2. Customer controls the assets as it is created

3. The seller creating the asset that has not alternate use to seller and seller has legal right to receive the payment for progress to date.

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