Which of the Following Statements Is Not in Accordance with IASB

question 69

Multiple Choice

Which of the following statements is not in accordance with IASB (2011) Revenue from Contracts with Customers with respect to revenue recognition when right of return exists?

• A) Revenue E Revenue recognition of the consideration for the transferred products to which the entity is reasonably assured to be entitled.
• B) when goods are sold or services are rendered recognition of a refund liability
• C) recognition of an asset for its right to recover products from customers on settling the refund liability
• D) All of the given answers are in accordance with the accounting standard

---

Definitions:

Planning Matrix

A tool or framework used to organize, prioritize, and systematically assess various aspects of a plan or project.

Customer "Wants"

The desires or needs of customers that companies seek to satisfy with their products or services.

Production Process

The series of steps and operations involved in the creation of a product, from raw materials to the finished goods.

Customer Requirements

Specifications and needs explicitly stated by the customer which a product or service must meet.