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Which of the following is a condition which must be satisfied before revenue arising from the rendering of services may be recognized?

a. The amount of revenue can be measured reliably b. It is certain that the economic benefits associated with the transaction will flow to the seller c. The sales transaction is100% complete at the end of the reporting period d. The costs incurred in respect of the transaction can be measured with certainty

Financial Accounting Financial Management
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Question added by Deleted user
Date Posted: 2013/08/28
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Ezzidin Ibrahim
by Ezzidin Ibrahim , Financial Controller , Karim Food Industries

b. It is certain that the economic benefits associated with the transaction will flow to the seller 

Deleted user
by Deleted user

Options a & b collectively

Prince Ninan
by Prince Ninan , Audit Executive , Lewis & Pecker

The amount of revenue can be measured with certainity and services has been rendered

Farhan uddin Khilji
by Farhan uddin Khilji , Head of Internal Audit , ABV Rock Group Co. Ltd.

a.
The amount of revenue can be measured reliably &b.
It is certain that the economic benefits associated with the transaction will flow to the seller   c & d are not revenue recognition conditions.

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