Under the Provisions of FASB ASC 606 a Company Has

question 57

Multiple Choice

Under the provisions of FASB ASC 606 A company has satisfied its performance obligation when the

• A) The company has transferred physical possession of the asset
• B) The company has received payment for goods or services
• C) The company has significant risks and rewards of ownership
• D) The company has legal title to the asset

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Definitions:

Rung

A group of programmable logic controller instructions that controls an output or storage bit, or performs other control functions such as file moves, arithmetic, and/or sequencer instructions. A rung is represented as one section of a ladder logic diagram.

PLC Chassis

A PLC chassis provides the structural support to accommodate various PLC modules, including processors, input/output modules, and communication modules, facilitating their interconnection.

Terminal

An endpoint or interface for entering data into or receiving data from a computer system.