Question: If a contract involves a significant financing component, A. the transaction amount should be based on the current sales price of goods or services. B.
If a contract involves a significant financing component,
A. the transaction amount should be based on the current sales price of goods or services.
B. the time value of money is used to determine the fair value of the transaction.
C. interest must be accrued on the current sales price of goods or services.
D. the time value of money is not required to determine transaction price, if the payment is more than a year.
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