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Which of the following would indicate that control has passed from the seller to the customer? (Select all that apply.) Check All That Apply The asset is warehoused by a seller-affiliated third party. Legal title to the asset has passed to the customer. The customer has assumed the risks and rewards of ownership of the asset. | The customer has an obligation to pay the seller. Which of the following are criteria that must be met before revenue can be recognized over time? (Select all that apply.) Check All That Apply The customer consumes the benefit of the seller's work as it is performed. The customer controls the asset as it is created. The seller is creating an asset that has an alternative use to the seller, and the seller has the legal right to receive payment for progress to date. The seller is creating an asset that has no alternative use to the seller, and the seller has the legal right to receive payment for progress to date. Which of the following is one of the steps used to apply the revenue recognizing principle Multiple Choice O Allocate the revenue to the performance obligation that is completed first O Cancel the contract if the performance cannot be completed in one year O Estimate the fair value of the transaction price O Identify the performance obligation(s) in the contract What is the relationship between Construction-in-progress (CIP) and the Billings on Construction Contract aco Multiple Choice Billings is contra to CIP and reduces the balance of the CIP account. 0 C ) CIP is contra to accounts receivable and reduces the balance of the accounts receivable account. 0 CIP is an equity account and Billings is a liability. 0 Billings is an inventory account and CIP is a financial asset, like Accounts Receivable