Which of the Following Conditions Is Not a Requirement by the SEC

question 110

Multiple Choice

Which of the following conditions is not a requirement by the SEC for the recognition of revenue?

• A) Delivery has occurred or services have been rendered.
• B) Collectability is reasonably certain.
• C) A written agreement has been signed.
• D) The seller's price to the buyer is fixed or determinable.

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Definitions:

WTO

The World Trade Organization, an international body that deals with the rules of trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.

Agricultural Commodities

Products derived from farming and agriculture that are traded, sold, and used as staples in food supply chains.

European Union

A political and economic union consisting of 27 European countries that have agreed to follow common economic, social, and security policies.

Domestic Currencies

The legal currencies in circulation within a specific country, used for the majority of financial transactions within that country.