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:

Baroreceptors

Sensory nerve endings located in the walls of blood vessels and the heart that detect changes in blood pressure and help regulate it.

Vasoconstriction

The narrowing of blood vessels, which increases blood pressure by reducing the volume of blood flow.

Growth Hormone

Hormone that stimulates general growth of the individual; stimulates cellular amino acid uptake and protein synthesis; also called somatotropin.

Atrial Natriuretic Hormone

A hormone secreted by the atria of the heart in response to volume expansion and increased blood pressure, inducing diuresis and vasodilation, and reducing blood pressure.