Which Standard Provides Specific Guidance About Revenue Recognition in Relation

question 10

Multiple Choice

Which standard provides specific guidance about revenue recognition in relation to the sale of goods and the rendering of service?

• A)IAS 18/AASB 118
• B)IAS 39/AASB 139
• C)IAS 19/AASB 119
• D)None of the above

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Definitions:

Partnership Agreement

A formal arrangement between two or more parties to manage and operate a business and share its profits.

Secretary of the State

A high-ranking official typically responsible for keeping public records, administering elections, and managing the affairs of the state government.

S Corporation

A special form of corporation in the United States that allows for the income, losses, deductions, and credits to be passed directly to shareholders to avoid double taxation.

LLC

A Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.