7,8,9

7. An indication that the customer has not taken control of the good or service is 2. the customer has significant risks or rewards of ownership b. the customer has physical possession of the asset. c. the selling company has no right to payment for the good or service. d. the selling company has transferred legal title to the asset. 8. When a customer is able to benefit from a good or service on its own or together with other readily available resources, the good or service a. is distinct. b. is a contract. c. is interdependent d. uses variable consideration 9. Which of the following is NOT a characteristic of a periodic inventory system? a. Inventory purchases are debited to a Purchases account. b. Inventory records are not kept for every item. c. Cost of goods sold is recorded with each sale. d. Cost of goods sold is determined as the amount of purchases less the change in inventory. Ortohet