Reference no: EM132996338
Problem 1: Revenue is generally recognized when realized or realizable and earned. This statement describes the
A)consistency characteristic.
B)matching principle.
C)revenue recognition principle.
D)relevance characteristic.
Problem 2: Revenue generally should be recognized
A)at the end of production.
B)at the time of cash collection.
C)when realized.
D)when realized or realizable and earned.
Problem 3: Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the
A)economic entity assumption.
B)relevance characteristic.
C)comparability characteristic.
D)neutrality characteristic.
Problem 4: Which of the following is a time when revenue may be recognized?( You can choose more than 1 option)
A)At time of sale
B)At receipt of cash
C)During production
Problem 5: What accounting concept justifies the usage of accruals and deferrals?
A)Going concern assumption
B)Materiality constraint
C)Consistency characteristic
D)Monetary unit assumption
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