Which of the Following Is Not True About Revenue Recognition

question 36

Multiple Choice

Which of the following is not true about revenue recognition with respect to long-term construction contracts?

• A)Long-term construction contracts often are viewed as having a single performance obligation,because goods and services fail the "separately identifiable" criterion.
• B)Long-term construction contracts often satisfy the criteria for recognizing revenue over time.
• C)Long-term construction contracts require accounting for construction in progress as well as billings to customers.
• D)Long-term construction contracts typically include multiple performance obligations because of all the different types of goods and services included for each project.

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Definitions:

Collectivist

Pertaining to cultures or societies that value the group over the individual, emphasizing community and collaboration.

Tight

In the context of culture, refers to societies with strict norms, social sanctions, and expectations for conformity.

Complex

Refers to something that is composed of many interconnected parts, resulting in a system that is difficult to analyze or understand fully.

Trait Words

Terms or adjectives used to describe or categorize aspects of an individual's personality, such as 'outgoing', 'shy', or 'agreeable'.