Which of the Following Is Not True About Revenue Recognition

question 167

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 or 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 or services included for each project.

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Definitions:

Obedience

Obedience refers to compliance with commands given by an authority figure, often studied in psychology to understand the extent and limits of social influence over behavior.

Orders Over The Telephone

A process where customers or clients place orders for products or services by speaking directly to a supplier or service provider over the phone.

Obedience

The act of following orders or directions from someone in authority, often studied in psychology as a behavior.

Conformity

The practice of aligning one's attitudes, beliefs, and actions with the norms, policies, or expectations of a group or society.