The Contract-Based Approach to Revenue Recognition Must Be Used Under

question 23

Multiple Choice

The contract-based approach to revenue recognition must be used under:

• A)ASPE
• B)IFRS
• C)For both IFRS and ASPE
• D)This is an option under both IFRS and ASPE,companies may choose the method that best reflect the firm's economic position.

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Definitions:

External Oblique

A muscle located on the lateral and anterior parts of the abdomen, involved in trunk rotation and lateral flexion of the spine.

Orbicularis Oculi

A circular muscle around the eye socket that allows for blinking, winking, and squinting.

Sternocleidomastoid

A muscle in the neck that acts to flex and rotate the head, named for its attachment points at the sternum, clavicle, and mastoid process of the temporal bone.

Masseter

A facial muscle that plays a major role in the chewing of food by elevating the mandible (lower jaw).