11 Which of the following is not an indicator that revenue can be recognized over time? a The seller is enhancing an asset that the buyer controls as the service is performed b. The customer consumes the benefit of the seller's work as the seller performs the service. The seller is creating an asset that has an alternative use to the seller, and the seller can receive payment for its progress even if the customer cancels the contract. d. None of these answer choices are correct. c. 12. On November 1, 2018, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $4,800 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2019. Taylor's fiscal year end is December 31. Taylor should recognize revenue 2018 in the amount of a. $0 b. $800 c. $2,400 d. $4,800 13. For contracts that include more than one separate performance obligation: a Revenue is recorded over time at the fair value of each performance obligation. b. Revenue is recognized in the amount off the contract price on the date the last separate performance obligation is satisfied. c. The contract price is allocated to each performance obligation in proportion to the obligations' stand-alone selling prices. d. Revenue is recognized in the amount of the contract price on the date the contract is signed 14. Which of the following is considered a performance obligation? a. Up-front registration fees for a gym membership b. Extended warranties on electronic products c. Quality-assurance warranties on electronic products d. A processing fee to obtain a bank loan 15. In which of the following is the option described not a separate performance obligation? a. Customers accumulate points for every dollar spent at Madeline's Book Store. The points can be redeemed for books once certain levels are met. b. Customers can get 5% cash back for every $100 spent on eco-friendly products c. Customers can "buy one, get one 50 % on next purchase" at a menswear store. d. Upon purchase of any name-brand TV, customers can purchase a 5-year extended. warranty at 25% discount