Which Are Two Conditions That Must Be Met Before Revenue

question 13

Multiple Choice

Which are two conditions that must be met before revenue is to be recognized under IFRS?

• A)Persuasive evidence of an arrangement exists and product or service can be delivered
• B)Product or service can delivered and collectability is reasonably assured
• C)Persuasive evidence of an arrangement exists and the market of the products or services are well regulated
• D)Seller's price to the buyer is fixed or determinable and collectability is reasonably assured

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Definitions:

Interaction Model

A conceptual framework that describes how entities (such as individuals, groups, or systems) influence each other within a process or context.

Implicit Memory

A type of memory that enables people to perform tasks without conscious awareness of these previous experiences.

Unconscious Retention

The process of storing information without conscious awareness, which can influence behaviors and attitudes.

Declarative Memory

A type of long-term memory that involves the conscious recall of facts and events.