When Recognising Revenue from the Rendering of Services in Accordance

question 26

Multiple Choice

When recognising revenue from the rendering of services in accordance with IAS 18 Revenue

• A) Revenue arising from the rendering of services can only be recognised when all of the recognition criteria in paragraph 20 have been satisfied.
• B) The method for recognising revenue from the rendering of services when all of the paragraph 20 recognition criteria have been met is referred to as the 'percentage-of-completion' method.
• C) IAS 18 requires that revenue from the rendering of service be recognised on an accruals basis.
• D) The method for recognising revenue from the rendering of services is referred to in IAS 18 as the 'cost recovery' approach.

---

Definitions:

Collectivism

A cultural or social outlook that emphasizes the importance of groups and collective identity over individual action or identity.

Individualism

An orientation in social philosophy that emphasizes the precedence of personal discretion over collective or governmental oversight.

Narcissism

A personality characteristic involving excessive self-love, lack of empathy for others, and a need for admiration.

Extraversion

A personality trait characterized by outgoingness, high energy, and positive emotions towards social situations.