Which of the following conditions would violate the revenue recognition principle? Revenue is recognized when related costs can reliably be measured. Revenue is recognized when delivery has occurred or services have been provided. Revenue is recognized when collection is possible. Revenue is recognized when the seller’s price to the buyer is fixed and determinable.

Which of the following conditions would violate the revenue recognition principle? Revenue is recognized when related costs can reliably be measured. Revenue is recognized when delivery has occurred or services have been provided. Revenue is recognized when collection is possible. Revenue is recognized when the seller’s price to the buyer is fixed and determinable.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 4C: One of the more difficult issues that companies face in recognizing revenue is determining the...

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Revenue can be recognized when all of the following criterias are met EXCEPT There is credible evidence that an arrangement exists. Goods have been delivered or services have been performed. The selling price or fee to the buyer is fixed or can be reasonably determined. All of these are correct
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Under PFRS 15, when shall a consignor recognize revenue from its consignment sales? When it is probable that future economic benefits will flow to the consignor and the fair value of the revenue can be measured reliably. When the consignor receives cash remittance from the consignee. When the consignor satisfies its performance obligation under consignment contract. When the consignor enters into a consignment contract with a consignee.
Multiple-Choice Question: 1. Using the contract-based approach, revenue is recognized for the sale of goods when the following conditions have been met: A. the seller no longer has control over the goods. B. all of these conditions are met. C. delivery of goods has occurred, consistent with terms of a real or implied contract, and any related performance obligation has been completed. D. the amount of revenue and costs can be reliably measured and it is probable the cash will be collected. Please explain for the answer, and why the rest is incorrect.
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