Terms in this set (25)
For revenue arrangements with multiple performance obligationsand it is difficult to estimate what the good or service would sell for as standalone unitsthe company should combine the items into a new aggregated revenue item and allocate the total transaction price to this new separate revenue item.
(F) For revenue arrangements with multiple performance obligations, and it is difficult to estimate what the good or service would sell for as standalone units, the company should use their best estimate of what the good or service might sell for as a standalone unit and allocate the transaction price to the separate performance obligations.
Other sets by this creator
Recommended textbook solutions
Century 21 Accounting: General Journal11th Edition•ISBN: 9781337623124Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman
Financial Accounting4th Edition•ISBN: 9781259730948Don Herrmann, J. David Spiceland, Wayne Thomas
Intermediate Accounting14th Edition•ISBN: 9780470587232 (4 more)Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Accounting: What the Numbers Mean9th Edition•ISBN: 9780073527062Daniel F Viele, David H Marshall, Wayne W McManus
Other Quizlet sets