1. A company recognizes revenue in its income statement only when: point
   1. The company has earned the right to receive payment.
   2. When title of the product or service is transferred to the customer.
   3. When the company has satisfied its performance obligations.
   4. None of the above.
2. In order to determine when a companys performance obligation is satisfied, the company must use the: point
   1. Percentage of completion method
   2. Asset liability approach
   3. Net approach
   4. None of the above
3. The five step approach used to analyze performance obligation consists of: point
   1. Transfer, title, right of use, economic substance and acceptance.
   2. Market volatility, risk of obsolesces, standalone prices, time value of money and contract.
   3. Repurchase agreements, bill and hold, principal agent, consignments and warranties.

None of the above.