Under IAS 18, Which of the Following Is NOT a Condition

question 25

Multiple Choice

Under IAS 18, which of the following is NOT a condition that must be met in order for revenue from the sale of goods to be recognized?

• A)The significant risks and rewards of ownership of the goods have been transferred to the buyer.
• B)There must be a binding, written contract between the seller and the buyer.
• C)The amount of revenue can be measured reliably.
• D)Neither continued managerial involvement normally associated with ownership nor effective control of the goods is retained.

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Definitions:

Silicon Tetrahedron

A structural unit in silicate minerals, consisting of a silicon atom surrounded by four oxygen atoms in a tetrahedral arrangement.

Silicate Minerals

minerals that contain silicon and oxygen, often forming the majority of the Earth's crust.

Halides

a class of minerals that are compounds of one or more halogen ions (fluoride, chloride, bromide, iodide) and an element.

Element Cl

Chlorine, a reactive halogen element found in the periodic table with the symbol Cl, used in various industrial and chemical processes.