The revenue recognition principle provides that revenue is recognized when
Seatwork Revenue

Quiz
•
Business
•
1st - 3rd Grade
•
Hard

Vierly Ananta Upa
Used 3+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
it is realized
it is realizable.
It is realized or realizable and it is earned
none of these
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When goods or services are exchanged for cash or claims to cash (receivables), revenues are
earned
realized
recognized
all of these
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not an accurate representation concerning revenue recognition?
Revenue from selling products is recognized at the date of sale, usually interpreted to
mean the date of delivery to customers.
Revenue from services rendered is recognized when cash is received or when services
have been performed.
Revenue from permitting others to use enterprise assets is recognized as time passes
or as the assets are used.
Revenue from disposing of assets other than products is recognized at the date of sale.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A sale should not be recognized as revenue by the seller at the time of sale if
payment was made by check.
the selling price is less than the normal selling price.
the buyer has a right to return the product and the amount of future returns cannot be
reasonably estimated.
none of these
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Revenue from the sale of goods is recognized when all the following conditions are met, except...
The amount of revenue can be measured reliably
The costs incurred or to be incurred can not be estimated reliably
It is probable that the economic benefits will flow to the company
Company has transferred to the buyer the significant risks and rewards of ownership of the goods
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