Quizzes - Q uiz 1: Title: quiz1 Started:...

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Quiz 1: Title: quiz 1 Started: September 9, 2010 5:39 PM Submitted: September 9, 2010 5:48 PM Time spent: 00:08:47  Total score: 40/50 = 80%   Total score adjusted by 0.0  Maximum possible score: 50  1. 1   Under the realization principle, revenue should not be recognized until the earnings process is deemed virtually  complete and:    Student Response Value Correct Answer Feedback 1.  Revenue is realized.      2. Any receivable is  collected.      3. Collection is  reasonably certain. 100%       4. Collection is  absolutely assured.      Score: 10/10    2. 2   For a typical manufacturing company, the most common critical point for recognizing revenue is the date:   
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  Score: 10/10    3. 3   Bert's Meat Market sells quarters and sides of beef on the installment basis. Losses on receivables are very  difficult to predict, and meat products cannot be repossessed. The revenue recognition method used by Bert  would be:    Score: 0/10    4. 4   On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby  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, 2010, and  December 15, 2011. Ignore interest charges. Rigsby has a December 31 year-end. In 2009, Rigsby would recognize realized gross profit of: 
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  Score: 10/10    5. 5   On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby  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, 2010, and  December 15, 2011. Ignore interest charges. Rigsby has a December 31 year-end. In 2010, Rigsby would recognize realized gross profit of:    Score: 10/10    Quiz 2: Title: quiz 2 Started:
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September 22, 2010 5:00 PM Submitted: September 22, 2010 5:44 PM Time spent: 00:43:47  Total score: 50/50 = 100%   Total score adjusted by 0.0  Maximum possible score: 50  1.   From the perspective of the lessor, leases may be classified as either:    Student Response Value Correct Answer Feedback 1.  Direct financing or  sales-type.      2. Operating, capital, or  direct financing.      3. Operating, sales-type,  indirect financing.
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This note was uploaded on 05/04/2011 for the course ACCY 113 taught by Professor Staff during the Spring '08 term at CSU Sacramento.

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Quizzes - Q uiz 1: Title: quiz1 Started:...

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