Under international accounting standards, revenue is recognized
a. only when a sale and delivery have occurred.
b. upon the increase in the fair value of biological assets (e.g., cattle) without waiting for the assets to be sold.
c. upon the increase in the fair value of agricultural produce (e.g., harvested wheat) without waiting for the assets to be sold
d. upon the increase in the fair value of both biological assets (e.g., cattle) and agricultural produce (e.g., harvested wheat) without waiting for the assets to be sold.
D
You might also like to view...
The miscellaneous type vehicle endorsement can be added to the PAP to insure motorcycles, mopeds, and golf carts.
a. true b. false
The privileges granted to owners that come with team ownership are called ______.
A. franchise rights B. territorial rights C. revenue sharing rights D. ownership committee rights