Under PFRS 15, what is the specific point in time when the consignor satisfies its performance obligation under consignment contract? Upon remittance of cash by consignee to consignor.Upon delivery of consigned goods by consignor to consignee.Upon signing of contract of consignment by consignor and consignee.Upon sale of consigned goods by consignee to final consumers.

Consignment sales are sales made by the one person (consignee) on behalf of the other person…

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consignor satisfies its performance obligation under consignment contract?

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 2C: The first step in the revenue recognition process is determining if a contract is in place between...

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Question

Under PFRS 15, what is the specific point in time when the consignor satisfies its performance obligation under consignment contract?

Upon remittance of cash by consignee to consignor.

Upon delivery of consigned goods by consignor to consignee.

Upon signing of contract of consignment by consignor and consignee.

Upon sale of consigned goods by consignee to final consumers.

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