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:

Federal Deficits

The financial situation in which a government's expenditures exceed its revenues within a given fiscal year, leading to borrowing or the issuance of debt.

Deficit Financing

The practice of funding government operations beyond the amount raised through taxation and other revenues by issuing debt or creating new money.

Peacetime Deficit

A government budget deficit that occurs during periods without active warfare, indicating expenditures exceed revenues.

Federal Budget

An estimate of government revenue and expenditure for a specific fiscal year.