Step 1 of the 'five-step model' states that certain conditions must be satisfied before an entity can account for a contract with a customer. Which of the following is not one of these conditions?
(1 Mark)

Question

Step 1 of the 'five-step model' states that certain conditions must be satisfied before an entity can account for a contract with a customer. Which of the following is  not  one of these conditions? 
 (1 Mark)

Accepted Answer

It is certain that the entity will collect the consideration to which it is entitled.

Answer

Each party's rights with regard to the goods or services concerned can be identified.

Answer

The payment terms can be identified.

Answer

The entity and the customer have approved the contract and are committed to perform their contractual obligations.

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Step 1 of the 'five-step model' states that certain conditions must be satisfied...

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