Seatwork Revenue

Seatwork Revenue

1st - 3rd Grade

5 Qs

quiz-placeholder

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Seatwork Revenue

Seatwork Revenue

Assessment

Quiz

Business

1st - 3rd Grade

Hard

Created by

Vierly Ananta Upa

Used 3+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The revenue recognition principle provides that revenue is recognized when

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