According to the Joint New Standard for Revenue Recognition,issued by FASB

question 183

Multiple Choice

According to the joint new standard for revenue recognition,issued 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:

Serotonin

A neurotransmitter that plays a key role in regulating mood, appetite, and sleep, among other functions, often associated with feelings of well-being and happiness.

Neurotransmitter

A chemical substance that transmits signals across a synapse from one neuron to another.

Glutamate

An important neurotransmitter in the brain involved in learning and memory.

Melatonin

A hormone produced by the pineal gland that regulates sleep and wakefulness.