Knowledge Check 01 Which of the following statements about bill-and-hold arrangements are true? Note: Select all that apply. Check All That Apply A bill-and-hold arrangement occurs when a customer purchases goods but requests that shipment occur at a later date. Bill-and-hold arrangements do not arise in the normal course of business. In most bill-and-hold arrangements, sellers usually conclude that revenue should not be recognized until actual delivery to the customer occurs. SEC guidance regarding bill-and-hold arrangements include the requirement that the product must be specifically identified as belonging to the customer and is ready for shipment