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Unformatted text preview: C HAPTER 7 Complexities of Revenue Recognition M ULTIPLE C HOICE Q UESTIONS Theory/Definitional Questions 1 Revenue recognition criteria 2 Revenue recognition criteria 3 International revenue recognition criteria 4 Proportional performance method of revenue recognition 5 Proportional performance method of revenue recognition 6 Use of percentageofcompletion method 7 Presentation of progress billings and construction in progress 8 Applying percentageofcompletion method 9 Applying completedcontract method 10 Applying percentageofcompletion method 11 Use of installment method 12 Disclosure of earned but unbilled revenues 13 Gross profit deferred under the installment sales method 14 Uses of completedcontract method 15 Elements necessary for use of percentageofcompletion method 16 Percentageofcompletion and completedcontract methods of accounting 17 Percentageofcompletion method of accounting for longterm construction 18 Percentageofcompletion method of accounting for longterm construction 19 Percentageofcompletion method of accounting for longterm construction 20 Percentageofcompletion and completedcontract methods of accounting 21 Use of cost recovery method 22 Recognition of franchise fees 23 Goods on consignmentinventory of consignor 24 Recognition of sales and cost of goods sold of consigned goods 25 Recognition of progress billings under percentageofcompletion method 26 Comparison of asset balances under percentageofcompletion and completed contract methods Computational Questions 27 Computation of contract costs under percentageofcompletion method 229 230 Chapter 7 Complexities of Revenue Recognition 28 Computation of recognized income under percentageofcompletion method 29 Computation of loss recognized under percentageofcompletion method 30 Computation of recognized income under percentageofcompletion method 31 Reporting assets/liabilities under completedcontract method 32 Computation of gross profit using percentageofcompletion method 33 Computation of gross profit using percentageofcompletion method 34 Computation of gross profit under completedcontract method 35 Computation of gross profit under percentageofcompletion method 36 Computation of balance in Construction in Progress using percentageof completion method 37 Computation of loss using percentageofcompletion method 38 Computation of gross profit using installment sales method 39 Computation of balance in Construction in Progress using completed contract method 40 Computation of cash collected on contract given balances 41 Computation of realized gross profit under installment method 42 Computation of total installment sales for year 43 Computation of balance of deferred gross profit account 44 Computation of revenue from franchise fees 45 Computation of realized gross profit under installment method 46 Computation of amount of consignment sales revenue 47 Computation of contract costs under percentageofcompletion method...
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This note was uploaded on 11/01/2011 for the course ACC 200 taught by Professor Minliu during the Spring '11 term at Universidad Europea de Madrid.
 Spring '11
 MinLiu
 Accounting, Revenue, Revenue Recognition

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