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:

Respirations

The biological process of inhaling oxygen and exhaling carbon dioxide, necessary for the life of many organisms.

Pulse

The rhythmic throbbing of the arteries as blood is propelled through them, typically felt in the wrists or neck.

Heart Beats

The rhythmic contraction and relaxation of the heart muscles that circulate blood throughout the body.

Tympanic Thermometer

A type of electronic thermometer that measures infrared energy emitted from the tympanic membrane.