Which condition is not necessary to recognize revenue from the sale of goods?
A)When the entity has transferred ownership to the buyer.
B)When the amount of revenue can be measured reliably.
C)When it is probable that the economic benefits will be flow to the entity.
D)When the entity retains no managerial control over the assets.

Question

Quizplus · Accepted Answer

Ownership transfer is not a necessary condition; rather, the focus is on the transfer of risks and rewards and loss of control over the goods.

Which Condition Is Not Necessary to Recognize Revenue from the Sale