3. Which of the following is a true statement regarding revenue recognitions? (2 Points) When a company sells a product but gives the buyer the right to return it, revenue should not be recognized until the sale is collected Warranties that the product meets agreed-upon specifications in the contract at the time the product is sold are referred to as service-type warranty Companies rarely have to allocate the transaction price to more than one performance obligation in a contract A company can satisfy its performance obligations at a point in time