Revenue Recognition determines

Intermediate Accounting II Exam 2

Quiz
•
Business
•
University
•
Easy
Samuel Eastman
Used 5+ times
FREE Resource
35 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
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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