Under IFRS, Which of the Following Is Generally Not a Guideline

question 37

Multiple Choice

Under IFRS, which of the following is generally not a guideline for recognizing revenue?

• A)When (or as)the company satisfies the performance obligation.
• B)The contract is identified with the client.
• C)Collection is reasonably assured.
• D)The transaction price is determinable.

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Definitions:

Salivary Glands

Salivary glands are exocrine glands located in the mouth that produce saliva, which begins the process of digestion and helps protect the mouth and teeth.

Pyloric Sphincter

The valve-like structure composed of a circular band of muscle at the juncture of the stomach and small intestine.

Pylorus

The opening from the stomach into the duodenum, controlled by a sphincter that regulates the passage of food.

Small Intestine

A long, coiled tube within the digestive system where most of the digestion and absorption of nutrients occurs, connecting the stomach to the large intestine.