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:

Short-Term Memory

The skill of maintaining a compact set of facts in an immediate, accessible state within the mind for a temporary phase.

Implicit Memory

A type of long-term memory that enables people to perform tasks without conscious awareness of these previous experiences.

Explicit Memory

A type of long-term memory involving the conscious recollection of facts and experiences, such as remembering a specific event or information.

Eidetic Memory

The rare ability to vividly recall images, sounds, or objects in memory with great precision and detail, often referred to as photographic memory.