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How should the revenue be recognised

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Problem 1: A contract for the rendering of services is entered into on 1 May 2020. The services are delivered continuously over a 1-year period commencing on 15 May 2020. The buyer pays for all the services on 30 May 2020. How should the revenue be recognised?

Select one:

Option 1: Over the year commencing 30 May 2020 on a straight-line basis
Option 2: Over the year commencing 15 May 2020 on a straight-line basis
Option 3: 15 May 2020
Option 4: 30 May 2020
Option 5: None of these

Reference no: EM132762485

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