Under ASPE,when Revenue Is Earned from the Sale of Goods

question 34

Multiple Choice

Under ASPE,when revenue is earned from the sale of goods under the earnings based approach,all of the following criteria must be met before revenue can be recognized except

• A)the amount of consideration received can be measured with reasonable assurance.
• B)collection is reasonably assured.
• C)all sales returns and allowances have been recorded.
• D)risks and rewards of ownership have been transferred to the customer.

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Definitions:

Future-Oriented

A perspective or approach that focuses on planning, forecasting, and preparing for upcoming changes, challenges, and opportunities.

Career Progression

Career progression involves the advancement or upward movement in one's professional life, through promotions, learning new skills, or changing roles.

Management-By-Objectives

A managerial strategy where employees and managers collaborate to set, monitor, and achieve specific objectives within an organization.

Behavioural Observation

The method of recording the behavior of individuals or groups within set environments, primarily used for research, study, and analysis in various fields.