Question: When an entity does not meet the three criteria required to recognize revenue over time, it must determine when the goods and services are transferred
When an entity does not meet the three criteria required to recognize revenue over time, it must determine when the goods and services are transferred to the customer. What are the indicators for determining transfer of control? Select all that apply.
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Part
A
The product must be ready for physical transfer to the customer.
B
The customer has the significant risks and rewards of ownership of the asset.
C
The seller has a present right to payment for the asset.
D
The seller has transferred physical possession of the asset.
E
The customer has legal title to the asset.
F
The customer has accepted the asset.
G
The product must be separately identified as belonging to the customer.
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