Under FASB ASC 606, When a Contract Modification Does Not

question 52

Multiple Choice

Under FASB ASC 606, when a contract modification does not result in a separate performance obligation, the additional products are priced at the

• A) Standalone price of the product
• B) Blended price of original contract and contract modification
• C) Average selling price of original selling price and standalone price
• D) Selling price specified in contract modification

Analyze the impact of mergers between monopolists on market outcomes.

Evaluate how the structure of a market influences consumer prices in vertical integration scenarios.

Understand the long-run equilibrium condition in a competitive market with fixed-coefficient technology.

Analyze the employment and wage setting behavior in monopolistic and monopsonistic labor markets.

---

Definitions:

Construct Validity

The degree to which a test measures what it claims to be measuring; it assesses the appropriateness of the inferences drawn from test results.

Graphing Calculator

A handheld calculator capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.

ACT Assessment

A standardized test for high school achievement and college admissions in the United States that evaluates English, math, reading, and science skills.

Standardised

Made uniform or consistent by applying a set of norms or standards.