Donnelly Bernard

04/19/2023 · Middle School

QUESTION 5: Which one of the following statements about performance obligations being satisfied at a point in time is correct? To determine the point in time at which a customer obtains control of a promised asset and the entity satisfies a performance obligation, the entity considers the requirements for control and the indicators of the transfer of control, which include, but are not limited to, the following: 1. The customer does not have a legal title to the asset; 2. The significant risks and rewards of ownership have not been transferred to the customer; 3. The customer has a present obligation to pay for the asset 4. The customer has discharged obligations to pay for the asset;