Under a Joint Exposure Draft Issued by the IASB and FASB

question 17

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:

Glass Ceiling

A metaphorical barrier in the workforce that prevents certain groups, particularly minorities and women, from advancing to upper-level positions despite their qualifications.

Contingent Workers

Labor force participants who have temporary, contractual, or freelance jobs instead of permanent employment, offering flexibility to both workers and employers.

Full-Time Employees

Workers who are employed for a minimum number of hours defined by their employer as full-time and often receive full employment benefits.

Managing Diversity

The practice of recognizing, understanding, and valuing differences among individuals in an organization, including those based on culture, race, gender, age, and sexual orientation, with the goal of improving performance and satisfaction.