Answered: According to PFRS 15, a good or service…

Business

Accounting

According to PFRS 15, a good or service is distinct if

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 19GI

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According to PFRS 15, a good or service is distinct if: A. it is tangible. B. it is tangible and it is separately identifiable C. the customer can benefit from it, either on its own or together with other resources that are readily available to the customer. D. the good or service is separately identifiable.

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Which one of the following situation where a performance obligation is satisfied over time ? a- The entity's performance creates an asset that the customer controls as it is created b- The customer does not receive or consume the benefits provided by the entity's performance until the obligation is completely satisfied c- The entity does not have an enforceable right to payment for the performance that has been completed to date d- The entity's performance creates an asset which has an alternative use to the entity
A performance obligation is satisfied over time if: Group of answer choices The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. All of these are correct. The entity’s performance creates an asset with an alternative use to the entity and the entity does not have an enforceable right to payment for performance completed to date. The entity’s performance creates or enhances an asset that the entity controls.
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