According to the Converged Standard for Revenue Recognition Developed by FASB

question 167

Multiple Choice

According to the converged standard for revenue recognition developed by FASB and IASB,which item below is NOT necessary?

• A)identify the contract with the customer
• B)identify the separate performance obligations in the contract
• C)allocate the transaction price to the separate performance obligations in the contract
• D)recognize expenses as the entity satisfies the performance obligations

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Definitions:

Organism

An individual living entity that can react to stimuli, reproduce, grow, and maintain homeostasis.

Fovea Centralis

A small depression in the retina of the eye where visual acuity is highest, responsible for sharp central vision.

Protein Synthesis

The process by which cells build proteins based on genetic instructions encoded in DNA, involving transcription and translation.

RNA

Ribonucleic acid, a molecule essential for coding, decoding, regulation, and expression of genes.