Unconditional Rights to Receive Consideration Because a Performance Obligation Has

question 12

Multiple Choice

Unconditional rights to receive consideration because a performance obligation has been satisfied are

• A)reported as a receivable on the statement of financial position.
• B)reported as a contract asset on the statement of financial position.
• C)reported as a contract liability on the statement of financial position.
• D)are not reported on the balance sheet.

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Definitions:

Initialism

A type of acronym formed from the initial letters of a phrase, where each letter is pronounced separately, such as FBI.

Combining Form

A form of a word that combines with another form to create a new word or term, often used in medical terminology.

Suffix

An affix that is added to the end of a word to change its meaning or function.

Obstetrics

A branch of medicine and surgery concerned with childbirth and the care of women giving birth.