Want Answer. Thank for your help The contract asset in revenue recognition representswhat?a) Unbilled amounts where performance occurredb) Advance payments receivedc) Accounts receivabled) Contract liability

a) Unbilled amounts where performance occurred. A contract asset, as defined by accounting rules…

Answered: The contract asset in revenue…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 7CYBK

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Similar questions

Under PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivable
Explain the importance of a contract in the revenue recognitionprocess.
Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.
Which of the following is not an accepted basis for recognition of revenue?A. Passage of timeB. Completion of percentage of a projectC. Performance of serviceD. Upon signing of contract
Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. Asset
Understand the disclosures required for revenue recognition, accounts receivable,contract assets, and contract liabilities
If the Construction in Progress account is greater than the Contract Billings, the excess is treated as * A. current liability B. current asset C. loss D.income
Explain how to account for revenue on a long-term contract over time as opposed to at a point in time. Under what circumstances should revenue be recognized at the point in time a contract is completed?
The third step in the process for revenue recognition is to (Enter 1, 2, 3, or 4 that represents the correct answer): determine the separate performance obligations in the contract. allocate transaction price to the separate performance obligations. determine the transaction price. determine the amount of revenue when each performance obligation is satisfied.
A contract between one or more parties creates: a. the date that cash is paid by the customer b. enforceable rights and obligations for the parties c. revenue for recognition d. the fixed amount of payments for the good or service
When is an estimated loss on a long-term contract recognized, both for contracts that recognize revenue over time and those that recognize revenue at the point in time the contract is completed?
Which statement is true when the outcome of construction contract cannot be estimated reliably? a. Contract costs shall be recognized as an expense in the period when incurred. b. Revenue shall be recognized only to the extent of contract costs incurred that is probable will be recoverable c. All of these statements are true. d. An expected loss on the construction contract shall be recognized as an expense immediately.

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The contract asset in revenue recognition represents what ? a) Unbilled amounts where performance occurred b) Advance payments received c) Accounts receivable d) Contract liability