The FASB and the IASB Agreed That the Fundamental Characteristic

question 35

Multiple Choice

The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that

• A) the term revenue means different things to different companies in different countries.
• B) revenue should be recognized when it is earned.
• C) revenues are recognized and measured based on changes in assets and liabilities.
• D) the number of disclosures required for revenue recognition should be held to a minimum.

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Definitions:

Simp

In colloquial use, shorthand for 'simpleton'; in internet culture, someone overly submissive to someone they're attracted to without reciprocation.

Conj

A conjunction is a logical operator that connects two statements in a way that the resulting statement is true only if both connected statements are true.

MP

Modus Ponens, a fundamental rule of logical deduction allowing one to derive a conclusion from a conditional statement and its antecedent.

Conj

A shortened form of conjunction, referring to a grammatical connector between words, phrases, or clauses.