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:

Temporary End Instruction

A directive in programming that signifies a temporary halt or pause in the execution of a sequence of code.

Logic Being Scanned

Refers to the process in programmable logic controllers (PLCs) where the programmed logic is sequentially checked or executed.

Processor

The component of a computer that performs the interpretation and execution of instructions.