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Revenue Recognition
Revenue Recognition MCQs
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Revenues of an entity are usually measured by the exchange values of the assets or liabilities involved. Recognition of revenue does not occur until
The revenue is realizable.
The revenue is realized and earned.
Products or services are exchanged for cash or claims to cash.
The entity has substantially accomplished what it agreed to do.
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Robin Gavaskar, who recently founded a company that produces baseball bats and balls, wants to determine her company’s policy for revenue recog...
The sale occurs.
Cash is received.
Production is completed
Quarterly financial statements are prepared.
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ABC operates a catering service that specializes in business luncheons for large corporations. ABC requires customers to place their orders 2 weeks in...
Customer places an order.
Luncheon is served.
Billing is mailed.
Customer’s payment is received.
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A company provides fertilization, insect control, and disease control services for a variety of trees, plants, and shrubs on a contract basis. For $50...
When the cash is collected.
Evenly over the year as the services are performed.
At the end of the contract year after all of the services have been performed.
At the end of the fiscal year.
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On February 1, Year 1, a computer software firm agrees to program a software package. Twelve payments of $10,000 on the first of each month are to be ...
$0
$100,000
$110,000
$120,000
?
An airline should recognize revenue from airline tickets in the period when
Passenger reservations are booked.
Passenger reservations are confirmed.
Tickets are issued.
Related flights occur.
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A department store sells gift certificates that may be redeemed for merchandise. Each certificate expires 3 years after issuance. The revenue from the...
Evenly over 3 years from the date of issuance.
In the period the certificates are sold.
In the period the certificates are sold.
In the period the certificates are redeemed or in the period they expire if they are allowed to lapse.
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To comply with the matching principle, the cost of labor services of an employee who participates in the manufacturing of a product normally should be...
Work is performed.
Employee is paid.
Product is completed.
Product is sold.
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It is proper to recognize revenue prior to the sale of merchandise when I. The revenue will be reported as an installment sale. II. The revenue will...
I only.
II only.
Both I and II.
Neither I nor II.
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The calculation of the income recognized in the third year of a 5-year construction contract accounted for using the percentage-of-completion method i...
Costs incurred in Year 3 to total billings.
Costs incurred in Year 3 to total estimated costs.
Total costs incurred to date to total billings
Total costs incurred to date to total estimated costs.
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A company appropriately uses the completed-contract method to account for a long-term construction contract. Revenue is recognized when progress billi...
No Yes
Yes Yes
Yes No
No No
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A building contractor has a fixed-price contract to construct a large building. It is estimated that the building will take 2 years to complete. Progr...
After the contract is signed.
As progress is made toward completion of the contract.
As cash is received.
When the contract is completed.
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DEF is the consignee for 1,000 units of product X for ABC Company. ABC should recognize the revenue from these 1,000 units when
The agreement between DEF and ABC is signed.
ABC ships the goods to DEF.
DEF receives the goods from ABC.
DEF sells the goods and informs ABC of the sale.
?
When a right of return exists, an entity may recognize revenue from a sale of goods at the time of sale only if
The amount of future returns can be reliably estimated
The seller retains the risks and rewards of ownership.
The buyer resells the goods.
The seller believes returns will not be material
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Unrealized gains and losses on trading securities should be presented in the
Statement of financial position.
Income statement.
Notes to the financial statements.
Statement of retained earnings.
?
A construction company has signed $1,000,000 in new contracts. During the current year, 10% of the required work for these contracts was performed. H...
$0
$(900,000)
$100,000
$1,000,000
