Under IFRS, When a Barter Transaction Occurs and the Goods

question 75

Multiple Choice

Under IFRS, when a barter transaction occurs and the goods exchanged are similar

• A)The exchange is recorded as revenue.
• B)The company has transferred to the buyer the significant risks and rewards of ownership of the goods.
• C)Revenue is not reported.
• D)The critical event is considered to be the date the goods or services are exchanged.

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Definitions:

Job Seeker

An individual actively searching for employment opportunities.

Illegal Discrimination

Unfair or unequal treatment of individuals based on protected characteristics, such as race, gender, age, or disability, that is prohibited by law.

Management Rights

The entitlements or prerogatives of management to make decisions regarding the operation of a business and the management of its employees.

Business Unionism

A type of unionism whose mission is to protect workers, increase their pay, improve their working conditions, and help workers in general; it recognizes that a union can survive only if it delivers a needed service to its members in a businesslike manner.