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What accounting standard governs the recognition of revenue in partnerships?
What accounting standard governs the recognition of revenue in partnerships?
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Practice Questions
1 question
Q1
What accounting standard governs the recognition of revenue in partnerships?
IFRS 15
IAS 2
GAAP
IFRS 9
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IFRS 15 provides the framework for revenue recognition, which is applicable to partnerships as well.
Questions & Step-by-step Solutions
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Q
Q: What accounting standard governs the recognition of revenue in partnerships?
Solution:
IFRS 15 provides the framework for revenue recognition, which is applicable to partnerships as well.
Steps: 5
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Step 1: Understand what revenue recognition means. It is the process of recording income when it is earned.
Step 2: Learn about accounting standards. These are rules that guide how financial transactions should be reported.
Step 3: Identify the relevant accounting standard for revenue recognition. In this case, it is IFRS 15.
Step 4: Know that IFRS 15 applies to all types of businesses, including partnerships.
Step 5: Recognize that partnerships must follow IFRS 15 when they record their revenue.
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