Economics · Indian Accounting Standards (Ind AS)
Ind AS 115 (Revenue from Contracts with Customers) introduced a five-step model for revenue recognition. Which of the following accurately describes Step 2 in this model?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Assessing whether the customer has obtained control of the asset at a specific point in time or over time.
- 2Allocating the transaction price to each performance obligation based on relative stand-alone selling prices.
- 3Identifying the distinct performance obligations within the contract.✓
- 4Determining the total amount of consideration the entity expects to be entitled to in exchange for transferring goods.
Correct answer
Identifying the distinct performance obligations within the contract.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Indian Accounting Standards (Ind AS) MCQs →Want more practice questions on Indian Accounting Standards (Ind AS)?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Indian Accounting Standards (Ind AS)