Which of the following statements about assets reported in the balance sheet is true?
Note: Select all that apply.
Check All That Apply
Accounts receivable, contract assets, and contract liabilities are reported on separate lines of its balance sheet.
Accounts receivable, contract assets, and contract liabilities are reported on separate lines of its balance sheet.
If a customer pays the seller before the seller has satisfied a performance obligation, the seller records a contract liability.
If a customer pays the seller before the seller has satisfied a performance obligation, the seller records a contract liability.
The seller recognizes a contract asset if the seller has an unconditional right to receive payment, which is the case if only the passage of time is required before the payment is due.
The seller recognizes a contract asset if the seller has an unconditional right to receive payment, which is the case if only the passage of time is required before the payment is due.
The seller recognizes an accounts receivable if the seller has satisfied a performance obligation, but payment depends on something other than the passage of time.
