I need to know the answers to some take home test question and I need to know the reasoning for the choice behind them

What is the appropriate revenue recognition procedure for upfront payments received in a contract with a customer?

a. capitalize and amortize over the contract term

b. defer recognition until the end of the contract

c. recognize immediately

d. Recognize whenever the related performance obligation is satisfied

A customer aggress to pay the seller over time with a promissory note. Which of the following statements related to this situation is false?

a. The transaction price is determined by adjusting the promised amount of future consideration to reflect the time value of money.

b. The objective for adjusting for time value of money is to separate the contract into revenue element and a financing element.

c. When adjusting for the time value of money, the seller should use the current price lending rate as the discount rate.

d. Sellers are not required to adjust for time value of money if the time period between the customer's payment and the company's transfer of goods or services is less than one year.

If a contract modification does not create a separate contract, it is accounted for using

a. either a cumulative catch-up adjustment or a retrospective approach.

b. either a cumulative catch-up adjustment or a prospective approach.

c. either a retrospective approach or a prospective approach.

d. either a cumulative catch-up adjustment, a prospective approach, or a retrospective approach

These are Finance accounting questions for Intermediate accounting 2 Chapters 17 & 18