Which of the Following Is Not a Condition That Must

question 19

Multiple Choice

Which of the following is not a condition that must be met under AASB 118 'Revenue,' before revenue from the sale of goods is recorded?

• A)The cash for the sale has been received.
• B)The amount of revenue and related costs can be measured reliably.
• C)The seller has effectively transferred ownership to the buyer
• D)All of the above are conditions that must be met.

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Definitions:

Bill of Material

A comprehensive list of raw materials, assemblies, and sub-assemblies needed to manufacture or repair a product or service.

Lead Times

The total time that elapses between the initiation of a process and its completion, often critical in manufacturing, supply chain management, and project planning.

Lot-For-Lot

Lot-for-lot ordering is an inventory management technique where the order quantity is set equal to the demand for the next period, optimizing inventory levels and reducing holding costs.

EOQ

Economic Order Quantity; a model used in inventory management to determine the optimal order size that minimizes total holding costs and ordering costs.