Under the provisions of FASB ASC 606 A company has satisfied its performance obligation when the
A)The company has transferred physical possession of the asset
B)The company has received payment for goods or services
C)The company has significant risks and rewards of ownership
D)The company has legal title to the asset

Question

Quizplus · Accepted Answer

Under FASB ASC 606, a performance obligation is satisfied when control of the asset is transferred to the customer, which often occurs when the customer has physical possession of the asset.

Under the Provisions of FASB ASC 606 a Company Has