Question: Under ASC Topic 6 0 6 for revenue recognition, a performance obligation is considered satisfied when control over the goods and services is transferred to

Under ASC Topic

606

for revenue recognition, a performance obligation is considered satisfied when control over the goods and services is transferred to the customer. Which of the following is not an indicator that control has transferred?

Multiple Choice

The customer is legally obligated to pay for the goods or services.

All of these are indicators that control has transferred.

The customer has legal title of the goods.

The customer has accepted the goods and has physical possession of the goods.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Provide two specific actions that students should take in advance to prepare for the simulation portion of the Comp-XM. For each action, include what part of the course curriculum the action should...

Good Afternoon Can you please assist me again with my discussion? Accounting for Merchandising Businesses Computers have become a staple in the lives of most people. There are many companies that...

What is the relevant cash element above the significant policy Urgent!!! pls highlight exactly Significant accounting policy Basis of Consolidation Business Combinations The consolidated financial...

SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation Business Combinations The consolidated financial statements comprise the financial statements of the Company and its subsidiary company as at...

What is the relevant cash element above the significant policy pls highlight exactly SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation Business Combinations The consolidated financial statements...

9. (9 points) Calculate the following profitability ratios for the current year and give a one sentence description of each result. a. Profit Margin Ratio b. Rate of return on Total Assets c. Return...

FOR QUESTIONS 13-15: LOOK AT THE NOTES TO THE FINANCIAL STATEMENTS (beginning on page 6) 13. (1 Point) In what state did Sprouts Farmers Market, Inc. incorporate? 14. (1 Point) For 2019, what...

5. (1 point) Why would people invest in a company that did not pay dividends? 6. (2 points) Did the company repurchase treasury stock during the most recent year? If so, how many shares? 7. (2...

Statement of Financial Position 1. What is the amount of "Cash on Hand" for 2019? Did it increase or decrease compared to 2018? (Hint: look in the footnotes to answer this question and all the...

1. On November 1, 2016, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor...

I am working on a case study. I have attached the full case study and my response so far. I have a question about the calculation using the expected cost plus margin approach. I do not know which...

The topic is "understanding workforce dynamics, write a paper on it

29) Calculate the mole fraction of glycerol (M = 92) and water in a 10.0 percent solution of glycerol in water.

As CFO of Nile Holdings, a carpet wholesaler, you have the following information as of December 2 0 1 1 : Nile has an attractive investment opportunity, and to finance it , must decide whether to...

Write a program that plays a game called Catch-the-Creature. Use an image to represent the creature. Have the creature appear at a random location for a random duration, then disappear and reappear...