Intermediate Accounting ch 18, 15th Edition Exam Questions and Answers 100% Pass A contract should be treated as having multiple performance obligations if - each performance obligation is not highly dependent on other promises in the contract. In determi

Intermediate Accounting ch 18, 15th

Edition Exam Questions and Answers

100% Pass


A contract should be treated as having multiple performance obligations if -

✔✔each performance obligation is not highly dependent on other promises

in the contract.

In determining the transaction price, the company must consider -

✔✔variable consideration, time value of money, non-cash consideration,

and consideration payable

The best measure of the fair value of a performance obligation is: -

✔✔standalone selling price

An indication that the customer has taken control of the good or service is -

✔✔the selling company has transferred legal title to the asset

In a consignment sale, the consignee - ✔✔only recognizes revenue

associated with commissions