The criteria for recognition of revenue at the

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43. The criteria for recognition of revenue at the completion of production of precious metals and farm products include a. an established market with quoted prices. b. low additional costs of completion and selling. c. units are interchangeable. d. all of these. 44. In certain cases, revenue is recognized at the completion of production even though no sale has been made. Which of the following statements is not true? S 45. For which of the following products is it appropriate to recognize revenue at the completion of production even though no sale has been made? S 46. When there is a significant increase in the estimated total contract costs but the increase does not eliminate all profit on the contract, which of the following is correct? 47. Deferred gross profit on installment sales is generally treated as a(n) a. deduction from installment accounts receivable. b. deduction from installment sales. c. unearned revenue and classified as a current liability. d. deduction from gross profit on sales. 18 - 11
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Test Bank for Intermediate Accounting, Thirteenth Edition 48. The installment-sales method of recognizing profit for accounting purposes is acceptable if
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