A company must account for a contract modification as a new contract if

A) the modification adds distinct goods or services at a price that reflects their stand-alone selling price.
B) the seller has the right to receive consideration equal to the stand-alone selling price of the promised goods or services.
C) the promised goods or services are distinct and separable from other goods or services promised in the original contract.
D) the promised goods or services are distinct and the contract has commercial substance.


A

Business

You might also like to view...

In the context of training and development, discuss some of the effects of digital technology on work.

What will be an ideal response?

Business

What is the present value of $3,500 received 3 years from today if the prevailing interest rate is 6.10%?

A) $2,732.98 B) $2,930.37 C) $3,625.14 D) $4,192.20

Business

Another term for a gray market is

A. transparent market. B. parallel importing. C. equivalent exporting. D. back-channel market. E. mature marketing.

Business

Which financial statement reports revenue and expenses?

What will be an ideal response?

Business