CHAPTER 7 - CHAPTER 7 Revenue Recognition ASSIGNMENT...

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Unformatted text preview: CHAPTER 7 Revenue Recognition ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems * 1. Realization and recognition; sales transactions, high rates of return. 1, 2, 3, 4, 1 1 * 2. Long-term contracts. 5, 6, 7, 8, 9 2, 3, 4 1, 2, 3, 4, 5, 6 1, 2, 3, 4, 5, 8, 9, 10 * 3. Installment sales. 10, 11, 12, 14, 15 5, 6 7, 8, 9 1, 6, 7 * 4. Cost recovery, deposit methods. 11, 12, 13, 16, 17 7 8, 9, 10 *5. Entries for long-term contracts. 18 8, 9 11, 13 11 *6. Entries for installment sales. 10 12, 14, 15 12, 13, 14 *This material is dealt with in the Appendix to the chapter. ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems * 1. Apply the revenue recognition principle. 1, 2, 3, 4, 5, 6, 7 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 1, 2, 3, 4, 5, 6, 7, 8, 9 * 2. Describe accounting issues involved with revenue recognition at point of sale. 1, 2 13, 14, 15 1, 10 * 3. Apply the percentage-of-completion method for long-term contracts. 2, 4 1, 2, 3, 4, 5, 13 1, 2, 3, 4, 5, 9, 10 * 4. Apply the completed-contract method for long-term contracts. 3, 4 1, 4, 5, 6 1, 2, 5, 8, 9, 10 5. Describe the installment-sales and cost-recovery methods of accounting. 5, 6, 7 6, 7, 8, 9, 10, 14, 15 1, 6, 7 *6. Prepare the journal entries to record long-term contracts. 8, 9 11, 13 11 *7 Prepare the journal entries to record installment sales. 10 12, 14, 15 12, 13, 14 *This material is discussed in the Appendix to the chapter. ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E7-1 Recognition of profit on long-term contracts. Moderate 2025 E7-2 Gross profit on uncompleted contract. Moderate 1012 E7-3 Recognition of profit, percentage-of-completion. Moderate 1012 E7-4 Recognition of revenue on long-term contract. Moderate 1520 E7-5 Recognition of profit for long-term contracts. Simple 1520 E7-6 Long-term contract reporting. Simple 1525 E7-7 Installment-sales method calculations. Moderate 1520 E7-8 Installment-sales and cost-recovery methods. Simple 1015 E7-9 Installment-sales method and cost-recovery method. Simple 1520 E7-10 Cost-recovery method. Simple 1520 *E7-11 Entries for long-term contracts. Moderate 1520 *E7-12 Entries for installment sales. Simple 1520 *E7-13 Analysis of percentage-of-completion financial statements. Moderate 1015 *E7-14 Gross profit calculations and repossessed merchandise. Moderate 1520 *E7-15 Interest revenue from installment sale. Moderate 1015 P7-1 Comprehensive two-part revenue recognition. Moderate 3045 P7-2 Recognition of profit on long-term contract. Simple 2025 P7-3 Recognition of profit on long-term contract. Moderate 2535 P7-4 Recognition of profit percentage-of-completion. Moderate 2030 P7-5 Long-term Contract with an overall loss. Moderate 2025 P7-6 Installment-sales computations. Moderate 2530 P7-7 Installment-sales income statements. Installment-sales income statements....
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This note was uploaded on 11/28/2011 for the course ACCT 310 taught by Professor Wilson during the Fall '11 term at Metro State.

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CHAPTER 7 - CHAPTER 7 Revenue Recognition ASSIGNMENT...

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