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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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If the seller’s performance creates on asset (e.g., work in progress) that the customer controls as the asset is created, would the performance obligation be satisfied at a point in time or over time?

To determine

Ascertain whether the performance obligation is satisfied at a point in time or over time if the sellers’ performance obligation creates an asset that the customer controls as the asset is created.

Explanation

Performance obligation: “A performance obligation is a promise made by a customer to transfer goods or services in the contract”. “Performance obligations can be explicit or implicit and it need not be legally enforceable”...

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