Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What does this mean? is there another way of explaining it? Identify the specific performance obligation - the promise to provide a distinct good or

What does this mean? is there another way of explaining it?

Identify the specific performance obligation -the promise to provide a distinct good or service.Distinct = capable of valuation on a stand-alone basis AND separately identifiable or distinct within the context of the contract. Significant integration/customization/highly interdependent nature of several goods/services should be considered a single performance obligation. (e.g. building a house). Software license, installation and technical support for your regular customer = 3 distinct performance obligations.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Finance An Introduction to Financial Institutions, Investments and Management

Authors: Herbert B. Mayo

11th Edition

1285425790, 1285425795, 9781305464988 , 978-1285425795

More Books

Students also viewed these Finance questions

Question

What is the most frequent and widespread disaster-causing hazard?

Answered: 1 week ago

Question

How is a hazard different from a disaster?

Answered: 1 week ago

Question

How are earthquakes measured?

Answered: 1 week ago