A company enters into a contract to provide software development services to a client for $100,000. The contract specifies a milestone payment of $40,000 upon completion of the initial design phase. The revenue recognition for the milestone payment should occur when the company has ---------------.

A) Incurred all costs related to the initial design phase
B) Completed 50% of the overall project
C) Transferred ownership of the software to the client
D) Substantially completed the initial design phase

Which option best completes the sentence?

Answer rating: 100% (QA)

The correct option to complete the sentence is D Substantially completed the initial design ... View the full answer