When Contract Modification Occurs, and the Company Determines a New

question 56

Multiple Choice

When contract modification occurs, and the company determines a new contract and performance obligation has resulted,

• A) the accounting for the original contract must be modified to reflect the new contract.
• B) the original contract remains the same.
• C) the new contract must be recorded separately.
• D) Both B and C are correct.

---

Definitions:

Class

A set or category of things having some property or attribute in common and differentiated from others by kind, type, or quality.

Blood Pressure

The force exerted by circulating blood on the walls of the body's arteries, typically measured in millimeters of mercury (mmHg).

Conditional Distribution

The distribution of a random variable subject to the fulfillment of a certain condition or set of conditions.

Age Group

A range of ages into which individuals are categorized for analysis or reporting purposes, often used in demographics and marketing.