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

---

Definitions:

Acetylcholine

A neurotransmitter involved in many functions including muscle movement and memory.

Cortisol

A steroid hormone produced by the adrenal glands, which is often released in response to stress and has various roles in the body including regulating metabolism.

Aerobic Exercise

Physical exercise that improves oxygen consumption by the body, enhancing cardiovascular health and endurance.

Serotonin Activity

Refers to the action of the neurotransmitter serotonin in the brain, affecting mood, emotion, and sleep.