The new revenue recognition standard excludes coverage of all the following except

Select one:

a. leases.

b. long-term construction contracts.

c. insurance contracts.

d. financial instruments.

A company should only apply the revenue recognition standard to contracts that meet all of the following criteria except

Select one:

a. the contract has commercial substance.

b. collectability of consideration is probable.

c. each partys rights regarding goods and services to be transferred are identified.

d. the transaction price is fixed and determinable.