Question: Access the FASB Standards Codification at the FASB website ( asc.fasb.org ). Required: Determine the specific citation for accounting for each of the following items:

Access the FASB Standards Codification at the FASB website ( asc.fasb.org ). Required: Determine the specific citation for accounting for each of the following items:

1. On what basis is a contracts transaction price allocated to its performance obligations?

2. What are indicators that a promised good or service is separately identifiable from other goods and services promised in the contract?

3. Under what circumstances is an option viewed as a performance obligation?

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