If a Contract Contains Only One Performance Obligation, No Allocation

question 47

True/False

If a contract contains only one performance obligation, no allocation of the transaction price is ever needed to recognize revenue.

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Definitions:

Conflict

A situation or process through which individuals, groups, or ideas are in opposition and engaged in a struggle for dominance, agreement, or resolution.

Cognitive Dissonance

The psychological discomfort or stress experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Boring Task

An activity that lacks interest or excitement, often leading to a state of weariness or impatience.

Minimum Reward

The smallest incentive or compensation provided for a task or activity that still motivates behavior or participation.