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Single choiceIntermediatePublished

Question · Performance obligations satisfied at a point in time

Fonderie Valmont signs a contract on 2 December 20X1 to sell 40 industrial valves. The valves are delivered and accepted without reservation by the customer on 28 December 20X1; title passes on delivery and the invoice, issued on delivery, is payable within 60 days. The sale is a performance obligation satisfied at a point in time. On which date does Valmont recognise revenue?

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