A Contract Asset

question 6

Multiple Choice

A contract asset

• A) represents the seller's performance obligation.
• B) arises when a customer's payment of consideration occurs prior to the seller's performance under the contract.
• C) represents the seller's unconditional right to receive consideration from a customer.
• D) arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time.

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Definitions:

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