Which of the Following Is NOT One of the Five

question 115

Multiple Choice

Which of the following is NOT one of the five steps under the proposed new revenue recognition standard currently being studied by the IASB and FASB?

• A)Identify the contract(s)with the customer.
• B)Determine the transaction price.
• C)Determine the collectability of the contract.
• D)Recognize revenue when a performance obligation is satisfied.

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to an increased interconnectedness of the world's economies, cultures, and populations.

Cosmopolitanism

An ideology or disposition characterized by an openness and appreciation of diverse cultures, beliefs, and backgrounds.

Tourists

Individuals who travel to and stay in places outside their usual environment for leisure, business, or other purposes for not more than one consecutive year.

Civilization

An advanced state of human society, characterized by the development of complex institutions, knowledge, arts, and customs.