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Under ASC Topic 606 for revenue recognition, which of the following statements is not accurate...

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Question

Accounting

Under ASC Topic 606 for revenue recognition, which of the following statements is not accurate regarding performance obligations?

Multiple Choice

  • Firms must disclose qualitative information about their performance obligations.

  • Firms must disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations.

  • Firms must disclose warranties provided.

  • Firms are not required to disclose any judgments used to apply the standard.

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