1. Revenue is considered to be earned when?:
2. At which point in the revenue recognition process can revenue actually be recognized?
In the case where the price of a good or service is
dependent on some future event, what amount would the seller
recognize as revenue?
A. The expected value.
B. The most likely amount.
C. Either the expected value or the most likely amount, whichever
is most easily determinable.
D. Only the amount that is known at the time performance is
complete.
Which of the following indicate that a seller’s performance obligations have been satisfied?
a. The customer can direct the use of the good or service purchased without hindrance from the seller.
b. The customer can prevent others from receiving any benefit from the good or service purchased.
c. The customer has legal title to, and physical possession of, the asset purchased.
d. All of the above indicate satisfaction of a seller’s performance obligations.
1) C)
2) C)
3) C)
C. Either the expected value or the most likely amount, whichever is most easily determinable.
4) C) c. The customer has legal title to, and physical possession of, the asset purchased
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