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In applying the revenue recognition principle, which of the following statements regarding multiple performance obligations is incorrect? A: If the transaction has multiple performance obligations,
In applying the revenue recognition principle, which of the following statements regarding multiple performance obligations is incorrect?
A: If the transaction has multiple performance obligations, the transaction price is allocated among the different performance obligations.
B: The business can recognize revenue when (or as) it satisfies each performance obligation by transferring a good or service to a customer.
C: A contract might have multiple performance obligations.
D: Revenue is recognized after all performance obligations are satisfied.
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