Answer the following: a. Give at least five examples of revenue from contracts to customer.
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Answer the following:
a. Give at least five examples of revenue from contracts to customer.
b. What are the effect of unclassified accounts in the financial statements to the stakeholders
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- Revenue is recognized based on a five-step process that is applied to a company's revenue arrangements. Instructions a. Briefly describe the five-step process. b. Explain the importance of contracts when analyzing revenue arrangements. c. How are fair value measurement concepts applied in implementation of the five-step process? d. How does the five-step process reflect application of the definitions of assets and liabilities?Which of the following represents amounts owed for goods, supplies, or services purchased? Group of answer choices customer-related payable accounts payable liability for compensated absences bonds payableIdentify the order of the five steps in the revenue recognition process. BE3.1 (LO 1), K Number the following steps of the revenue recognition process (from 1-5) to place in the correct order. a. Allocate the transaction price to the separate performance obligations. Identify the contract with customers. b. Identify the separate performance obligations in the contract. Recognize revenue when each performance obligation is satisfied. Determine the transaction price. C. d. e. Identify impact of transactions on cash and net income.
- Revenue is recognized based on a five-step process that is applied to a company's revenue arrangements. INSTRUCTIONS: d. How does the five-step process reflect application of the definitions of assets and liabilities?Understand the disclosures required for revenue recognition, accounts receivable,contract assets, and contract liabilitiesAdvanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income
- Define and explain multiple performance obligations. Discuss the accounting concepts behind reporting unearned income. Discuss how to report contingent liabilities.Refer to Exhibit 9.1. Which accounts are relevant in the revenue cycle? Identify the relationships among them.In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
- The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit BalanceThe FASB has established a Five-Step process to recognize revenue. Which of the following is not one of those steps? A. Ability to identify the contract with the customer. B. Determination thatcollection of the entitled contractual consideration from the customer is probable. C. Properly identify all of the performance obligations within the contract. D. Ability to determine the transaction price. E. Properly identify all of the deliverables and allocate the transaction price to each.Which of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statement