Which of the Following Is Not One of the Conditions

question 12

Multiple Choice

Which of the following is not one of the conditions in AASB 118 when revenue from the sale of goods should be recognised?

• A)the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold
• B)it is probable that the economic benefits associated with the transaction will flow to the entity
• C)it is possible that the economic benefits associated with the transaction will flow to the entity
• D)the entity has transferred to the buyer the significant risks and rewards of ownership of the goods

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Definitions:

RFID Tags

Small electronic devices that use radio-frequency identification to store and transmit data, commonly used for tracking inventory, goods, or even animals.

Nanotechnology

The science, engineering, and technology conducted at the nanoscale, which is about 1 to 100 nanometers, focusing on manipulating matter at this atomic and molecular level.

General Merchandise Stores

Retail establishments that offer a wide range of products across multiple categories, typically without specializing in any one segment.

Full-Service

Refers to businesses or agencies that provide a comprehensive range of services to meet all the needs of their clients without requiring them to seek assistance elsewhere.