When a company has a contract involving multiple performance obligations, how must the company recognize revenue?

When there are potential multiple obligations within a single contract, and the products or services are highly interdependent and interrelated, then they are   Question 1 options:   sold separately.   combined and reported as a single performance obligation.   combined under a new contract.   accounted for as separate performance obligations.

Under the completed-contract method,   Question 16 options: a revenue, cost, and gross profit are recognized at the time the contract is completed. b revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed. c revenue, cost, and gross profit are recognized during the production cycle. d None of these answers are correct.

Which of the following journal entries is not made in the first period of a long-term contract if the company cannot make reasonably dependable estimates of the progress toward satisfaction of the performance obligation? To record construction costs. To record partial billings. To record cash collections from the customer. To record gross profit.