Percentage of Completion is favored to be used under the following circumstances, except:   a. Progress Billings is assured of collection b. Performance obligation can be reliably measured c. Contract Price is assured d. Contract Costs can be reliably estimated

Calculate the duration and convexity of the both asset and liability sides

What costs are assigned to a segment under the contribution approach? Distinguish between a traceable fixed cost and a common fixed cost. Explain how the contribution margin is different from the segment margin.

Allocating a transaction price to multiple performance obligations includes which of the following steps: O Complete each performance obligation before recognizing any revenue from the contract. O All of these choices are correct. O Consolidate the components of the contract to two performance obligations because a contract should not have more than two performance obligations. O Allocate the transaction price based on relative fair values.The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).

Ac. When a transaction involves multiple performance obligations in a single transaction Select one :  a . All revenue can be recognized once the product has been delivered and the service has been provided .  b . The revenue must be deferred until the last performance obligation has been completed  c . The performance obligations involve products but not services  d . The seller must separate the revenue into two or more elements

Which format of the Income Statement is appropriate for financial reporting? O Variable costing O Activity-based O Absorption O any format is fine for financial reporting

When multiple performance obligation exists in a contract, they should be accounted for as a single performance obligation when... The product is district within the contract Determination cannot be made The performance obligations are distinct but interdependent Each service is interdependent and interrelated

Classify the following fixed costs as normally being either committed or discretionary:f. Management development and training.

The main elements of the relative valuation approach are: a. The valuation target, the comparison asset and the valuation measure. b. The valuation target and the relative performance measure. c. The relative valuation anchor, the valuation indicator and the valuation reference point. d. The target, the measure, the anchor, and the loss point.

Review how to determine relevant (differential) revenues and relevant (differential) costs to make the decision whether or not to take a Special Order.