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What Must Be Considered When a Contract Extends More Than

Question 17

Multiple Choice

What must be considered when a contract extends more than one year?


A) The transaction price must be adjusted for the time-value of money
B) Whether the contract will be satisfactorily concluded.
C) Whether revenue should be deferred until the contract is completed.
D) If the costs and income are recognized in the same period (matching principle) .

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