Final answer:
Accounting for contracts with multiple performance obligations (FSET) involves recognizing revenue for different obligations within a contract.
Step-by-step explanation:
Accounting for contracts with multiple performance obligations (FSET) refers to the process of recognizing revenue and allocating it to different obligations within a contract.
This accounting concept is part of the broader topic of revenue recognition, which is crucial in accurately reporting a company's financial performance.
When a contract contains multiple performance obligations, revenue is recognized for each obligation separately based on their standalone selling prices.