IBPS RRB CA Officer Scale II Practice Questions - IBPS RRB Chartered Accountant Officer Scale II (IBPS, India) Exam

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Under AS 9 (Revenue Recognition), when delivery is delayed at the buyer's request and the buyer takes title and accepts billing, revenue should be recognized immediately provided:

The goods are still in the physical possession of the seller without any conditions It is probable that delivery will be made, the item is on hand and ready for delivery, and the buyer acknowledges the deferred delivery instructions The seller has insured the goods for transit and is ready to ship at any time The buyer pays 100% of the invoice amount in advance before billing

Correct Answer:

It is probable that delivery will be made, the item is on hand and ready for delivery, and the buyer acknowledges the deferred delivery instructions

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