Question 1

A contract modification does not add distinct goods and services. How is the contract modification accounted for?

Accepted Answer

A)  as a separate contract 
B)  prospective method 
C)  retrospective method 
D)  cumulative catch-up method 
A)  as a separate contract 
B)  prospective method 
C)  retrospective method 
D)  cumulative catch-up method

Question 2

Which of the following is not a criterion that indicates a performance obligation is satisfied over time?

Accepted Answer

A)  The customer receives control of a delivered product which has an expected useful life of many years. 
B)  The seller's performance does not create an asset with an alternative use to the seller and the seller has a right to payment for performance completed to date. 
C)  The customer simultaneously receives and consumes the benefits of the seller's performance as the seller performs. 
D)  The seller's performance creates or enhances an asset that the customer controls as the asset is created or enhanced. 
A)  The customer receives control of a delivered product which has an expected useful life of many years. 
B)  The seller's performance does not create an asset with an alternative use to the seller and the seller has a right to payment for performance completed to date. 
C)  The customer simultaneously receives and consumes the benefits of the seller's performance as the seller performs. 
D)  The seller's performance creates or enhances an asset that the customer controls as the asset is created or enhanced.

Question 3

The new revenue recognition standard excludes coverage of all the following except

Accepted Answer

A)  leases. 
B)  long-term construction contracts. 
C)  insurance contracts. 
D)  financial instruments. 
A)  leases. 
B)  long-term construction contracts. 
C)  insurance contracts. 
D)  financial instruments.

A contract modification does not add distinct goods and services. How is the contract modification accounted for?

Which of the following is not a criterion that indicates a performance obligation is satisfied over time?

The new revenue recognition standard excludes coverage of all the following except

The Demand for and Supply of Financial Accounting Information

Financial Reporting: Its Conceptual Framework

Review of a Company S Accounting System

The Balance Sheet and the Statement of Shareholders Equity

The Income Statement and the Statement of Cash Flows Time Value of Money Module

Cash and Receivables

Inventories: Cost Measurement and Flow Assumptions

Inventories: Special Valuation Issues

Current Liabilities and Contingent Obligations

Property, Plant, and Equipment: Acquisition and Subsequent Investments

Depreciation, Depletion, Impairment, and Disposal

Intangibles

Investments and Long-Term Receivables

Financing Liabilities: Bonds and Long-Term Notes Payable

Contributed Capital

Retained Earnings and Earnings Per Share

Accounting for Income Taxes

Accounting for Post-Retirement Benefits

Accounting for Leases

The Statement of Cash Flows

Accounting for Changes and Errors

Understanding Time Value of Money Formulas and Concepts

Filters

Exam 17: Advanced Issues in Revenue Recognition

A contract modification does not add distinct goods and services. How is the contract modification accounted for?

Which of the following is not a criterion that indicates a performance obligation is satisfied over time?

The new revenue recognition standard excludes coverage of all the following except

The Demand for and Supply of Financial Accounting Information

Financial Reporting: Its Conceptual Framework

Review of a Company S Accounting System

The Balance Sheet and the Statement of Shareholders Equity

The Income Statement and the Statement of Cash Flows Time Value of Money Module

Cash and Receivables

Inventories: Cost Measurement and Flow Assumptions

Inventories: Special Valuation Issues

Current Liabilities and Contingent Obligations

Property, Plant, and Equipment: Acquisition and Subsequent Investments

Depreciation, Depletion, Impairment, and Disposal

Intangibles

Investments and Long-Term Receivables

Financing Liabilities: Bonds and Long-Term Notes Payable

Contributed Capital

Retained Earnings and Earnings Per Share

Accounting for Income Taxes

Accounting for Post-Retirement Benefits

Accounting for Leases

The Statement of Cash Flows

Accounting for Changes and Errors

Understanding Time Value of Money Formulas and Concepts

Filters