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Revenue recognition is based on: 1. a. Satisfactory transfer of title to good or services in an arms-length transaction b. when good or services have been received and a firm promise is made for its payment c. when there has been an offer and acceptance given an agreed consideration d. all of the above e. none of the above. 2. A performance obligation is: a. a promise in a contract with a customer to transfer goods or services b. explicit C. is implicit d. not legally enforceable e. all of the above 3. T, F. A performance obligation is satisfied by transferring control of a promised good or service to a customer 4. T.F. Upfront payments do not transfer a good or services to a customer and are not considered to be a separate performance obligation. 5. T, F. If a customer promises consideration of a contract in a form other than cash, the seller measures the noncash consideration at its fair value. e best evidence of a good's or service's stand-alone selling price is the price of the good or service when it is sold separately to similar customers in similar circumstances. 7. T, F. When the seller's performance creates an asset (e.g. work-in-progress) that the customen controls throughout production, the performance obligation is satisfied over time 8. Evidence that the customer has obtained control will include a. the seller is entitled to payment b. the customer has legal title c. the customer has accepted the goods or service d. all of the above e. Only a and c above