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

Explore avenues for getting involved in campus life to enhance academic and social experiences.

Employ critical thinking to manage personal and academic crises effectively.

Apply strategies for financial and academic success, including budgeting and resource utilization.

Illustrate the importance of engaging in campus activities and its impact on graduation rates.

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Definitions:

Cockatoos

A group of large, colorful parrots with a distinctive crest, native to Australasia.

Smuggled

Illegally transported goods or persons across borders to avoid customs duties or immigration restrictions.

Transit

The act of moving people or goods from one location to another, typically referring to public transportation systems.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market stability.