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When a franchisor acts as an agent for the franchisee

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Reference no: EM132943162

Problem 1: When a franchisor acts as an agent for the franchisee, he will:

A. recognize profit

B. not recognize revenue

C. defer recognition of profit until completion of the transaction

D. record the transaction in his books

Problem 2: In accounting for a long-term construction contract using the percentage of completion method, the progress billings on contract account is a:

A. revenue account

B. noncurrent liability

C. contra current asset account

D. contra noncurrent liability

Problem 3: A deposit received is reported as a:

A. revenue

B. liability

C. investment

D. current asset

Reference no: EM132943162

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