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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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