5 The earliest moment that the critical event and measurabillty are both satisfi

Question

5 The earliest moment that the critical event and measurabillty are both satisfied for
revenue recognition is usually:
a) before the sale.
b) after the sale.
c) at the time of sale.
d) when payment is received.

6. Under the percentage-of—completion method of revenue recognition, the
percentage—of-completion ratio is computed by dividing:
a) profits earned to date by estimated total profits.
b) costs incurred to date by estimated total costs.
c) costs incurred to date by the contract price.
d) profits earned to date by the contract price.

7. The balance sheet provides information on all of the following EXCEPT for:
a) how management invested its money.
b) where the money came from.
c) assessing rates of return. A
d) the market price of the company’s stock.

Explanation / Answer

5 The earliest moment that the critical event and measurabillty are both satisfied for revenue recognition is usually: c) at the time of sale. 6. Under the percentage-of—completion method of revenue recognition, the percentage—of-completion ratio is computed by dividing: b) costs incurred to date by estimated total costs. 7. The balance sheet provides information on all of the following EXCEPT for: a) how management invested its money. b) where the money came from. c) assessing rates of return. A

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