Which of the Following Is Not True About Contract Assets

question 284

Multiple Choice

Which of the following is not true about contract assets?

• A) Contract assets are recorded when payment depends on something other than the passage of time.
• B) Contract assets are recognized when the seller has a conditional right to receive payment.
• C) Contract assets are recognized when the seller has been paid in advance for at least partially fulfilling its performance obligations.
• D) Contract assets are not the same as accounts receivable.

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