Homework Answers
24.(D) All of the above
25.(D) consignor receive a notice of sale from the consignee and cash has been received
26.(B) Decrease
27.(C) Both A and B
28.(D) Intrinsic value
29.(A) Assets
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24. Which of the following is an indication that a customer has gained control of a...
Which one of the following is not an indicator of the transfer of control to the...
Which one of the following is not an indicator of the transfer of control to the buyer? 0 A. O B. Seller has present right to payment for the asset. Seller has legal title to the asset. C. Customer has accepted the asset. O D. Seller has transferred physical possession of property.
LOS Concept Check: Key Indicators for the Transfer of Control Which of the following is not...
LOS Concept Check: Key Indicators for the Transfer of Control Which of the following is not a key indicator used in deciding whether control has passed from the seller to the buyer? a. Seller can identify the contract with a buyer b. Buyer has an obligation to pay the seller C. Buyer has legal title to the asset d. Buyer has physical possession of the asset LO5-2 Concept Check: Key Indicators for the Transfer of Control (2) Which of the...
Which of the following is least likely to be a reason why a long-term construction contract...
Which of the following is least likely to be a reason why a long-term construction contract would qualify for revenue recognition over time? Multiple Choice The customer controls the asset as it is created. The seller is creating an asset that has no alternative use to the seller, and the seller has the legal right to receive payment for progress to date. The seller is constructing an addition to property that is owned by the customer. The customer consumes the...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as inventory. B. Are included in inventory at their full cost. C. Are included in inventory at their net realizable value. D. Should be disposed of immediately. E. Are assigned a value of zero. 17. Merchandise inventory includes: A. All goods owned by a company and held for sale. B. All goods in transit. C. All goods on consignment. D. Only damaged goods. E. Only...
16- US GAAP and the IFRS differ on their definition of financial assets in that only...
16- US GAAP and the IFRS differ on their definition of financial assets in that only the IFRS defines it as: a) An equity instrument (of anther entity) b) A contractual right to receive cash c)There is no difference in the definition between US GAAP and the IFRS 17- Under IFRS, a lease is not an operating lease and is classified as capital lease when: a) 50% or more of its economic life transfers to the lessee b) Risks and...
Hi this is for my study guide, please show work where its applicable. Much appreciated. 1....
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
Which of the following about Bill-and-Hold transactions is correct? a. They are legitimate business transactions b....
Which of the following about Bill-and-Hold transactions is correct? a. They are legitimate business transactions b. They are transactions that the sellers ship the merchandise to the customer and recognize revenue. c. The customer asks the seller to hold both the merchandise and billing for a period of time so the seller does not recognize revenue until the customer receives the merchandise. d. Some are legitimate transactions if certain SEC criteria are met.
cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control...
cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control of the inventory. B. it has the ability to direct the use of and obtain substantially all the benefits from the inventory. C. it has the ability to prevent other companies from directing the use of or receiving benefits from the inventory. D, all of the above choices are correct. 2. With respect to accounting for inventories, which of the following is a difference...
Select the one BEST answer. Remember to transfer your answers to the grid on page 2 1. Under accrual accounting as required by Generally Accepted Accounting Principles, which of the following res...
Select the one BEST answer. Remember to transfer your answers to the grid on page 2 1. Under accrual accounting as required by Generally Accepted Accounting Principles, which of the following results in the recording of revenue for the current period on the Income Statement of a service company? a. A service company receives cash from a bank in exchange for a note payable b. A service company signs an agreement to provide services to a customer in a future...
Revenues are normally recognized when the entity has transferred to the buyer the significant risks and...
Revenues are normally recognized when the entity has
transferred to the buyer the significant risks and rewards of
ownership of the goods, it retains neither continuing managerial
involvement to the degree usually associated with ownership nor
effective control over the goods, it is probable that future
economic benefits will flow to the company, and the benefits from
afnd costs associated with the transaction can be measured
reliably. The amount recorded is the cash-equivalent sales price.
Assume that the following events...
Which one of the following is not an indicator of the transfer of control to the buyer? 0 A. O B. Seller has present right to payment for the asset. Seller has legal title to the asset. C. Customer has accepted the asset. O D. Seller has transferred physical possession of property.
LOS Concept Check: Key Indicators for the Transfer of Control Which of the following is not a key indicator used in deciding whether control has passed from the seller to the buyer? a. Seller can identify the contract with a buyer b. Buyer has an obligation to pay the seller C. Buyer has legal title to the asset d. Buyer has physical possession of the asset LO5-2 Concept Check: Key Indicators for the Transfer of Control (2) Which of the...
CHAPTER 6 16. Damaged and obsolete goods that can be sold: A. Are never counted as inventory. B. Are included in inventory at their full cost. C. Are included in inventory at their net realizable value. D. Should be disposed of immediately. E. Are assigned a value of zero. 17. Merchandise inventory includes: A. All goods owned by a company and held for sale. B. All goods in transit. C. All goods on consignment. D. Only damaged goods. E. Only...
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
cunuiuis. htus 1. Under IFRS, an entity should initially recognize inventory when A. it has control of the inventory. B. it has the ability to direct the use of and obtain substantially all the benefits from the inventory. C. it has the ability to prevent other companies from directing the use of or receiving benefits from the inventory. D, all of the above choices are correct. 2. With respect to accounting for inventories, which of the following is a difference...
Select the one BEST answer. Remember to transfer your answers to the grid on page 2 1. Under accrual accounting as required by Generally Accepted Accounting Principles, which of the following results in the recording of revenue for the current period on the Income Statement of a service company? a. A service company receives cash from a bank in exchange for a note payable b. A service company signs an agreement to provide services to a customer in a future...
Revenues are normally recognized when the entity has
transferred to the buyer the significant risks and rewards of
ownership of the goods, it retains neither continuing managerial
involvement to the degree usually associated with ownership nor
effective control over the goods, it is probable that future
economic benefits will flow to the company, and the benefits from
afnd costs associated with the transaction can be measured
reliably. The amount recorded is the cash-equivalent sales price.
Assume that the following events...
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