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

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

Explain the reporting for (a) costs to fulfill a contract and (b) collectibility.

The new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n): Revenue-Expense Approach Asset-Liability Approach O Asset-Equity Approach O Liability-Equity Approach

Understand the disclosures required for revenue recognition, accounts receivable,contract assets, and contract liabilities

According to Topic 606, in order to have a contract with a customer on which revenue should be recognized, collectability must be: O a. Remote. b. Possible. c. Probable. Od. Uncertain,

The amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties" is the definition of Select one: O a. the contract. O b. the performance obligation. O c. the transaction price. - O d. the consideration.

The FASB has established a Five-Step process to recognize revenue.  Which of the following is not one of those steps?     A. Ability to identify the contract with the customer.     B. Determination thatcollection of the entitled contractual consideration from the customer is probable.     C. Properly identify all of the performance obligations within the contract.     D. Ability to determine the transaction price.     E. Properly identify all of the deliverables and allocate the transaction price to each.

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?