answerstoquizch5and6

answerstoquizch5and6 - 1 Question1 The...

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Unformatted text preview: 1. Question1 The percentage-of-completion method violates the general rule on revenue recognition that: Student Response Value Correct Answer Feedback 1. Collection is reasonably assured. 2. Costs are known or reasonably estimated 3. The earnings process is complete. 100% 4. Collections have been received. Score: 10/10 2. Question 2 Which of the following was not a criterion for revenue recognition in SAB 101? Score: 10/10 3. Question 3 On December 15, 2003, Quinn Land Sales sold a tract of land that cost $3,600,000 for $4,500,000. Quinn appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal annual installments payable on December 15, 2004, and December 15, 2005. Ignore interest charges. Quinn has a December 31 year-end. In 2003, Quinn would recognize realized gross profit of: Score: 10/10 4. Question 4 On December 15, 2003, Quinn Land Sales sold a tract of land that cost $3,600,000 for $4,500,000. Quinn appropriately uses the installment sale method of accounting for this transaction. Terms called for a down appropriately uses the installment sale method of accounting for this transaction....
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answerstoquizch5and6 - 1 Question1 The...

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