4 **Understanding Revenue Recognition with Multiple Performance Obligations**When a contract includes multiple performance obligations, there are different approaches to recognizing revenue. Consider the following scenarios:- **Option 1:** All revenue is recognized in the amount of the contract price on the date the contract is signed.- **Option 2:** Revenue is always recognized on a straight-line basis until the last performance obligation is satisfied.- **Option 3:** The contract price is allocated to each performance obligation in proportion to the obligations’ stand-alone selling prices and recognized as revenue as each performance obligation is completed.- **Option 4:** All revenue is deferred until the date the last separate performance obligation is satisfied.These options highlight different methods for accounting for revenue, allowing organizations to choose the most suitable approach based on the contract specifics and the nature of the goods or services provided.

A contract is a legitimately restricted and enforceable understanding between at least two…

Answered: When a contract includes multiple…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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2. Chapter 5--Assume you are hired as a consultant for Cinnabon. You are asked to consider a SWOT model to determine their strengths and weaknesses. Using the Course Outcome 4.1 decide and objectively recommend next steps for Cinnabon
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N2. Account
11

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