Multiple Choice
Use the following information for the following questions.: A product and service are bundled together and sold to customers for $ 450. The fair values of the product and service are $ 350 and $ 150 respectively.
-The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n)
A) earnings approach to revenue recognition.
B) asset-liability approach to revenue recognition.
C) cash-based approach to revenue recognition.
D) earned and realized approach to revenue recognition.
Correct Answer:
Verified
Correct Answer:
Verified
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