Intermediate Accounting II Exam 2

Intermediate Accounting II Exam 2

University

35 Qs

quiz-placeholder

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Intermediate Accounting II Exam 2

Intermediate Accounting II Exam 2

Assessment

Quiz

Business

University

Easy

Created by

Samuel Eastman

Used 5+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Revenue Recognition determines

How much revenue is recorded?

When to record it

What to record

Why you should record it

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The seller's promise to transfer goods or services to the customer is known as a __________________-.

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Over a Period of time requirements are:

The customer consumes the benefit of the seller's work as it is performed

The customer controls the asset as it is created

The seller is creating an asset that has no alternative use to the seller, and the seller has the legal right to receive payment for progress to date

The customer can hold payment if a legal action occurs between buyer and customer

The seller can make use of an asset.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Good/service can be used alone or with other goods that can be obtained elsewhere

Capable of being distinct

Separately Identifiable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Good/service are not highly interrelated with other good/services in the contract

Capable of being distinct

Separately Identifiable

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

An agreement that creates legally enforceable rights and obligations. Can be oral or written

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Contracts do not exist if

Neither the seller nor the customer has performed any obligations under the contract

Both the seller and the customer can terminate the contract without penalty

Neither the seller nor the customer sign a written contract

Both the seeker and customer get involved in a lawsuit

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