Which one is not five steps in revenue recognition process

Assignment Help Accounting Basics
Reference no: EM132731124

Problem 1: Which one is not the five steps in the revenue recognition process?

a) Recognize revenue when each performance obligation is satisfied.

b) Determine the transaction price.

c) Identify the contract(s) with customers.

d) Identify the accounting standard applied in the contract.

Problem 2: Which one is correct about revenue recognized in the following situations?

a) Revenue from selling products-date of delivery to customers.

b) Revenue from services performed-when the services have been performed (performance obligation satisfied).

c) Revenue from permitting others to use company assets-as time passes or as the assets are used.

d) All of above

Reference no: EM132731124

Questions Cloud

What total transaction price allee determine for contract : Allee Corp. is evaluating a revenue arrangement to determine proper revenue, What total transaction price should Allee determine for this contract?
Database technology by organization : What do you think is one of the most interesting uses of database technology by this organization? Why?
Concepts of capitalism and socialism : Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.
Determine the transaction price for the contract on february : Allee Corp. is evaluating a revenue arrangement, How much should Allee charge to determine the transaction price for this contract on February 15?
Which one is not five steps in revenue recognition process : Which one is not the five steps in the revenue recognition process? Recognize revenue when each performance obligation is satisfied.
Prepare the entry to record bad debt expense for the period : Uncollectible accounts are estimated to total $23,630 at the end of the period. Prepare the entry to record bad debt expense for the period
Describe low-cost strategy : Describe low-cost strategy. How does this strategy is different from differentiation and how it can relate to differentiation?
Prepare the company budgeted balance sheet : The beginning balance of retained earnings was $28,000, net income is budgeted to be $11,500, Prepare the company's budgeted balance sheet
Determine how items are recorded in the accounting records : Determine How items are recorded in the accounting records in change from average-cost to FIFO method for inventory accounting?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much should windsor report as deferred revenue

The rental payments for the one year is $34,700. At December 31, 2017, how much should Windsor report as deferred revenue from the sale of the machine?

  What is the present worth of the fund

What is the present worth of the fund? What is the uniform series equivalent of the fund (uniform cash flow at end of years 1-6)?

  Jan 7 articles of incorporation are filed with the state

prepare journal entries to record following transactions of lind corporation for its initial year of existence.a jan. 7

  Information related to plant assets

Information related to plant assets, natural resources, and intangibles at the end of 2010 for Spain Company is as follows:

  Determine the fixed manufacturing overhead rate

Determine the fixed manufacturing overhead rate under absorption costing. Hint: I am asking for the predetermined overhead rate per unit.

  Determine the stated and the effective interest rate

Problem - Analysis of Amortization Schedule and Interest Entries, Determine the stated interest rate and the effective interest rate

  What is the investment turnover for Mason Corporation

Mason Corporation had $1,007,000 in invested assets, sales of $1,253,000, What is the investment turnover for Mason Corporation

  How should noor report the deferred tax effect

Noor has no other temporary differences. In its December 31, Year 1, balance sheet, how should Noor report the deferred tax effect of this difference

  How is the product superior to the competitors

For your product, describe the unique selling proposition. How is this product superior to the competitors you identified above.

  At the beginning of 2011 robotics inc acquired a

at the beginning of 2011 robotics inc. acquired a manufacturing facility for 12 million. 9 million of the purchase

  Why is it sometimes necessary to change business processes

Why is it sometimes necessary to change business processes when IT systems are applied to business processes?

  Compute the value of the preferential rate to mr. l

At the beginning of the year, Mr. L put $50,000 cash into Investment X. At the end of the year, he received a check for $2,800

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd