what is the specific point in time when the consignor satisfies is performance obligation under consignment contract? a. upon sale of consigned goods by consignee to final consumers b. upon signing of contract of consignment by consignor and consignee c. upon remittance of cash by consignee to consignor d. upon delivery of consigned goods by consignor to consignee

When recognizing revenue, a company has a performance obligation when it agrees to a. perform a service for a customer and receives cash payment O b. sell a product to a customer after receiving payment O c. receives cash payment O d. perform a service or sell a product to a customer

41. Realization of revenue occurs when a. the item is formally recorded and reported in the financial statements b. noncash resources are converted into cash or rights to cash c. the actual exchange of noncash resources into cash С. d. when a transaction is both realized and realizable 42.A revenue recognition method that recognizes revenue before the time of sale is a. percentage-of-completion b. installment c. cost recovery d. point of sale С.

Current Attempt in Progress Expenses are recognized when they are billed by the supplier. O they are paid. the invoice is received. they contribute to the production of revenue.

Why are payments received from customers in advance, for either services to be performed and/or for goods to be delivered, classified as liabilities upon the receipt of the funds?

Q:How is accidental loss of goods treated in final account in case: a: Goods had not been insured or Goods have been insured and the insurance company has claims associated with it.

According to U.S. GAAP, when should revenue be recognized?a. When cash is received from the customerb. When the service is performed or the goods have been delivered to the customerc. When the goods or services have been priced and offered for saled. At the stated date in the contract

Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue from: B . similar non-barter transactions with related parties

When goods are delivered after an advance receipt of cash, Unearned Sales Revenue is debited. Cash is debited. Unearned Sales Revenue is credited. Sales Revenue is debited. choose the correct ans

Which of the following conditions would support recognition of revenue? The seller’s price to the buyer is being negotiated. Delivery has occurred or services have been provided. Collection is possible. Significant risks and rewards of ownership of the goods will soon be transferred to the purchaser by the seller.