menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Intermediate Accounting Reporting and Analysis
  4. Exam
    Exam 17: Advanced Issues in Revenue Recognition
  5. Question
    When a Down Payment Is Received, the Deposit from Purchaser
Solved

When a Down Payment Is Received, the Deposit from Purchaser

Question 112

Question 112

Multiple Choice

When a down payment is received, the deposit from purchaser account used under the deferral method is reported on the balance sheet of the seller as a(n)


A) revenue
B) liability
C) asset
D) contra asset

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q31: The installment method is usually associated with<br>A)revenue

Q34: When a company uses the percentage-of-completion method

Q41: The deferred gross profit on installment sales

Q59: Which one of the following types of

Q103: When a sufficient transfer of the risks

Q105: In 2015, Hart Company purchased land for

Q106: Revenue recognition prior to period of sale

Q107: Denton Products Co., a consignee, received inventory

Q108: When there is a very high degree

Q111: The Orlando Company is involved in a

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines