Which of the Following Is Not a Step Pertaining to the Revenue

question 84

Multiple Choice

Which of the following is not a step pertaining to the revenue recognition principle beginning in year 2018,for more complex customer contracts,according to both U.S.GAAP and to International Financial Reporting Standards (IFRS) ?

• A)Determine the transaction price.
• B)Identify the performance obligations.
• C)Identify the contract between the company and its supplier of goods
• D)Allocate the transaction price to the performance obligations.

---

Definitions:

Burden of Proof

The obligation to present evidence to support one's claim or assertion, often resting on the party who initiates legal proceedings.

Non-Discriminatory Reasons

Justifiable reasons behind a decision or action that are not based on prejudice or bias against a particular group or individual.

Fair Labor Standards Act

The Fair Labor Standards Act is a U.S. law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers.

Minimum Hourly Wage

The lowest legal amount that can be paid to workers for an hour of labor.