Under a Joint Exposure Draft Issued by the IASB and FASB

question 29

Multiple Choice

Under a joint Exposure Draft issued by the IASB and FASB in June 2010, Revenue from Contracts with Customers, which of the following is NOT one of the steps to be applied in the recognition of revenue across a wide range of transactions and industries?

• A)Identify the contract with a customer.
• B)Do not separate the transaction price for separate performance obligations if the contract is a bundled contract where goods and services are not sold separately.
• C)Identify the separate performance obligations in the contract.
• D)Determine the transaction price.

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Definitions:

Wilcoxon Signed-Rank Test

A non-parametric statistical test used to compare two related samples to determine if their population mean ranks differ.

Nonparametric Method

Statistical methods that are not based on parametric assumptions about the distribution of the population.

Matched Pairs

A study design where pairs of subjects are matched in terms of key variables before administering treatments.

Interval Data

A type of data which is measured along a scale, in which each point is placed at a specific distance from one another, and has no true zero point.