typically recognized as revenue: a. when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. b when received c. when earned. d. to the extent
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Fees for licenses and permits are typically recognized as revenue:
|
a. |
when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. |
|
b |
when received |
|
c. |
when earned. |
|
d. |
to the extent that related expenditures have been made if the fees are restricted as such. |
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- According to U.S. GAAP, when should revenue be recognized?a. When cash is received from the customerb. When the service is performed or the goods have been delivered to the customerc. When the goods or services have been priced and offered for saled. At the stated date in the contractUnder PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivableWhich of the following best represents the matching principle criteria? A. Expenses are reported in the period in which they were incurred. B. Expenses may be reported in a different period than the matching revenues. C. Revenue and expenses are matched based on when expenses are paid. D. Revenue is recognized when an order occurs and not when the actual sale is initiated.
- Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleIf the initial fee is collectible over an extended period and there is a significant uncertainty of its collection in full, the fee is A. deferred of recognition as revenue B. recognized as revenue when collected C. not recognized as revenue at all. D. recognized as revenue in fullWhich of the following is not an accepted basis for recognition of revenue?A. Passage of timeB. Completion of percentage of a projectC. Performance of serviceD. Upon signing of contract
- When the outcome of a construction contract cannot be estimated reliably, how shall contract revenue and contract costs associated with the construction contract be recognized? Group of answer choices They shall be recognized as revenue and expenses respectively by reference to the state of completion of the contract activity at the end of the reporting period also known as by percentage of completion method. They shall be recognized as revenue and expenses respectively by the date of earning of revenue or incurring of expenses also known as accrual method. They shall be recognized as revenue and expenses respectively by reference to the percentage of collection of receivables from customers also known as by installment method. Revenue shall be recognized only to the extent of contract cost incurred that is probable will be recoverable and the contract cost shall be recognized as an expense in the period in which there are incurred also known as cost recovery or zero-profit…Under the U.S. GAAP, which of the following is not an approach used to determine when to report an expense? A. match with revenues B. when incurred C. systematic allocation D. net realizable valueRevenue should be recognized at a single point in time when control of a good or service is transferredto the customer on a specific date. Indicators that transfer has occurred and that revenue should be recognized include the seller having the right to receive payment, the customer having legal title and physicalpossession of the asset, the customer formally accepting the asset, and the customer assuming the risksand rewards of ownership
- David Mendez Under the percentage-of-completion method, how should the balances of progress billings and construction in process be disclosed in the financial statements prior to the completion of the contract? net, as income from construction if a credit balance, and loss from construction if a debit balance progress billings as deferred income, construction in progress as a deferred expense net, as a current asset if a debit balance, and a current liability if a credit balance progress billings as income, construction in process as inventoryWhich statement is true when the outcome of construction contract cannot be estimated reliably? a. Contract costs shall be recognized as an expense in the period when incurred. b. Revenue shall be recognized only to the extent of contract costs incurred that is probable will be recoverable c. All of these statements are true. d. An expected loss on the construction contract shall be recognized as an expense immediately.Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. Asset
