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

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?

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.

The five steps in the revenue recognition process are: Identify the contract(s) with customers. 2. 1. lidentify the separate performance obligations in the contract. 3. Determine the Delivery Date 4. Allocate the transaction price to the separate performance obligations. 5 Recognize revenue when each performance obligation is satisfied. O True False

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.

what kind of account is contract fees

An encumbrance represents the estimated future liabilities for goods or services resulting from placing a purchase order or signing a contract. a. True b. False