The Once-Revised Exposure Draft on Revenue Recognition Issued by the IASB

question 75

Multiple Choice

The once-revised exposure draft on revenue recognition issued by the IASB and the FASB

• A)addresses when and how much revenue should be recognized in contracts to provide both goods and services to customers.
• B)proposes to eliminate alternate methods of revenue recognition such as the percentage-of-completion and installment sales methods.
• C)will require companies to recognize a net liability contract position on all new contracts;revenue will then arise from increases in the net contract position over the life of the contract.
• D)All of these are correct regarding the FASB/IASB exposure document.

Examine the role of consumer spending in economic growth and the effects of changes in this spending.

Identify and explain major economic theories related to consumer behavior, including the Permanent Income Hypothesis.

Explain the significance of housing costs in the average American consumer's monthly expenses and the related economic implications.

Discuss the influence of age and life cycle stages on saving rates and consumption patterns.

---

Definitions:

Unconditional Statement

A statement or proposition that is true or asserted without any conditions or limitations.

Classical Conditioning

A training approach involving the regular pairing of two cues, where a response originally provoked by the second cue becomes triggered by only the first cue over time.

Instrumental Learning

A learning process that uses rewards and punishments to promote or discourage a behavior, also known as operant conditioning.

Observational Learning

A learning process where an individual acquires new behaviors by watching and imitating others.