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

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Definitions:

Puritan Reforms

Changes implemented primarily in the 16th and 17th centuries aimed at purifying the Church of England of Roman Catholic practices.

New England Society

refers to the social structure and cultural norms of the New England region, often highlighting its historical significance and community values.

Roger Williams

A Puritan minister, theologian, and author who founded the colony of Rhode Island in 1636 as a place of religious freedom after being banished from the Massachusetts Bay Colony.

Puritan Community

A group of English Reformed Protestants in the 16th and 17th centuries who sought to "purify" the Church of England from its "Catholic" practices.