Which of the Following Is NOT a Condition That Must

question 19

Multiple Choice

Which of the following is NOT a condition that must be met in order for a contract with a customer to be within the scope of IFRS 15?

• A) The contract has been approved by the parties to the contract.
• B) The contract does not identify each party's rights in relation to the goods or services to be transferred.
• C) The contract has commercial substance.
• D) The payment terms for the goods or services to be transferred can be identified.

---

Definitions:

Criterion

A standard or rule by which something can be judged or measured.

Correlation

A statistical measure that expresses the extent to which two variables change together, but does not necessarily imply causation.

Variables

Elements, features, or factors that can change and have different values across individuals or situations in a research study.

Relationship

A connection, association, or involvement between two or more parties.