IASB (2011)Revenue from Contracts with Customers Requires an Entity to Recognise

question 60

Multiple Choice

IASB (2011) Revenue from Contracts with Customers requires an entity to recognise revenue for a performance obligation satisfied over time only if the entity can:

• A)reasonably measure with complete satisfaction the performance obligation.
• B)reasonably measure its expected revenue of the performance obligation.
• C)reasonably measure its expected costs of the performance obligation.
• D)reasonably measure its progress towards complete satisfaction of the performance obligation.

---

Definitions:

Ethnicity

A social category that groups people based on common cultural, ancestral, or national characteristics.

Identity

The way an individual or group views themselves and is perceived by others, encompassing personal, social, and cultural identities.

Familiar Culture

The common practices, beliefs, and values that are customary and recognizable within a particular group or society.

Moderate Adaptations

Adjustments made in moderation to accommodate or respond to changes or challenges.