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.

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Definitions:

Apprenticeships

A form of on-the-job training in which junior employees learn a trade from an experienced person.

Strategic Plan

A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Human Resources

The department within an organization that deals with the hiring, management, and development of employees.

Demand

The desire and ability of consumers to purchase goods and services at a given price.