Multiple Choice
Which of the following is not true regarding performance obligation?
A) The amount of revenue recognized would be the amount of consideration promised by the customer in exchange for the performance obligation
B) Most sales and service contracts consists of a single performance obligation.
C) A contract may consist of several performance obligations.
D) The entity has right to payment determines a performance obligation has been satisfied.
Correct Answer:
Verified
Correct Answer:
Verified
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