Under IFRS,the Following Is Not Part of the Revenue Recognition

question 30

Multiple Choice

Under IFRS,the following is not part of the revenue recognition principle:

• A)promised goods or services have been transferred.
• B)when control to the goods and services has not been transferred to the customer
• C)the transaction price is determinable
• D)the obligated performance is satisfied

---

Definitions:

Journal Entry

A record in accounting that documents a business transaction in the general ledger, involving at least two accounts.

Land Purchase

The act of acquiring property in the form of land, often for commercial or residential development.

Cash

Currency or coins, along with deposits in bank accounts and other items that are available to pay off debts or to use in transactions immediately.

Cash Receipts

This records the total amount of cash received by an entity within a specific period, from various sources including sales, loan proceeds, asset sales, etc.