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MC.Ch.18 - Practice MC for Chapter 18 Page 1 CHAPTER 18...

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Practice MC for Chapter 18 Page 1 CHAPTER 18 MULTIPLE CHOICE —Conceptual 21. The revenue recognition principle provides that revenue is recognized when a. it is realized. b. it is realizable. c. it is realized or realizable and it is earned. d. none of these. 22. When goods or services are exchanged for cash or claims to cash (receivables), revenues are 23. When the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues, revenues are 28. An alternative available when the seller is exposed to continued risks of ownership through return of the product is 29. A sale should not be recognized as revenue by the seller at the time of sale if a. payment was made by check. b. the selling price is less than the normal selling price. c. the buyer has a right to return the product and the amount of future returns cannot be reasonably estimated. d. none of these.
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