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1)The new FASB standard, Revenue from Contracts with Customers , adopts an asset-liability approach as the basis for revenue recognition. True False 2) Which type
1)The new FASB standard, Revenue from Contracts with Customers, adopts an asset-liability approach as the basis for revenue recognition.
True |
| False |
2) Which type of transaction generally results in revenue being recognized with the passage of time?
| Rendering a service. |
| Customer controls the asset as it is created or the company does not have an alternative use for the asset. |
| Sale of an asset other than inventory. |
| Sale of product from inventory. |
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