Under IFRS, Which of the Following Is Not a Condition

question 43

Multiple Choice

Under IFRS, which of the following is not a condition for recognizing revenue?

• A) The amount of revenue and costs associated with the transaction can be measured reliably.
• B) It is reasonably possible that the economic benefits associated with the transaction will flow to the seller.
• C) For sales of goods, the seller has transferred to the buyer the risks and rewards of ownership and doesn't effectively manage or control the goods.
• D) For sales of services, the stage of completion can be measured reliably.

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Definitions:

Hokusai

A Japanese artist, ukiyo-e painter, and printmaker of the Edo period, known for the iconic woodblock print series "Thirty-Six Views of Mount Fuji".

Prussian Blue

A dark blue pigment used in paints and inks, chemically known as iron(III) hexacyanoferrate, and historically significant for its role in art and industry.

Receding Perspective

A technique in art that creates the illusion of depth and distance within a flat surface, making objects appear farther away as they diminish in size.

Kanagawa

A prefecture located in Japan, known for the Great Wave off Kanagawa, a famous woodblock print by Hokusai.