If the performance obligation is not highly dependent on, or interrelated with, other promises in the contract, then each performance obligation should be accounted for separately. True/False

Yes, it is true that If the performance obligation is not highly dependent on, or interrelated with, other promises in the contract, then each performance obligation should be accounted for separately.

Explanation:

A performance obligation exists when an entity provides a distinct product or service.

It is a promise to provide a “distinct” good or service to a customer.

When there are multiple promises in a contract, companies will need to determine whether those goods or services are distinct, and therefore separate performance obligations for to avoid ambiguity.

Performance obligations in each contract can be identified by a company by first considering whether or not the goods or services are distinct.

If distinct, a customer can benefit from the good or service on its own because the good or service is separable from the other goods or services in a contract.

was my answer wrong?

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know