Use the Following Information for the Following Questions

question 92

Multiple Choice

Use the following information for the following questions.: A product and service are bundled together and sold to customers for $ 450. The fair values of the product and service are $ 350 and $ 150 respectively.
-The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n)

• A) earnings approach to revenue recognition.
• B) asset-liability approach to revenue recognition.
• C) cash-based approach to revenue recognition.
• D) earned and realized approach to revenue recognition.

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Definitions:

Labor-Force Participation

The percentage of the working-age population that is engaged in the labor market, either employed or actively seeking employment.

Minimum Wage

The lowest legally permissible hourly wage that companies can pay to employees.

Bureau of Labor Statistics

A U.S. government agency responsible for collecting and analyzing essential data related to labor economics, including employment, unemployment, and price statistics.

Labor Force

The total number of people who are currently employed or actively seeking employment within an economy.