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True or False

MULTIPLE CHOICE - THEORY co. enters into a construction cmtract With a Customer. e rag figs 15 requires e-Tag to do all of the following at contract incepttc*l e customer's ability and intention to pay the amtrad price on due date. assess whether the promised gcxds and services in the contrad are individually distinct. determine if the performance obligation(s) identified in the is(are) satisfied Over time Or at a point in time. d. estimate the total construction costs at mmpletioru Which of the K)llowing is incorrect regarding 'Step 2' of the revalue recognition under PFRS 15? a. An entity shall treat each promise ina contract to transfer a distinct good or as a separate performance obligation. b. An entity shall treat a promise to transfer a distinct bundle of goods or as a Separate performance obligation. An entity shall treat a promise to transfer a series of distinct gcds or services that are substantially the same and have the same pattern Of transfer to the customer as a parate performance obligation. d. An entity shall treat all promises in a contract as a single performance obligation regardless of the nature of those promises, if those promises are negotiated with the customer as a single package. 3. Window Co. enters into a 5-year construction contract with a axstomer. At contract inception, Window determines its performance obligations in the contract and concludes that it has a single performance obligation. Window also determines that its performance in the contract creates an asset that the Customer controls as the asset is created. The asset created has no alternative use to Window and Window has an enforceable