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Which of the following is not a condition in identifying the contract with the customer as per IFRS 15?   a-  Each party's rights with regard to the goods or services concerned can be identified b-  It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identified

Which of the following is not a condition in identifying the contract with the customer as per IFRS 15?   a-  Each party's rights with regard to the goods or services concerned can be identified b-  It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identified

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 2C: The first step in the revenue recognition process is determining if a contract is in place between...
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Which of the following is not a condition in identifying the contract with the customer as per IFRS 15?

 

a-  Each party's rights with regard to the goods or services concerned can be identified

b-  It is certain that the entity will collect the consideration to which it is entitled

c- The entity and the customer have approved the contract and are committed to perform their contractual obligations

d- The payment terms can be identified

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