Chapter 17-Advanced Issues

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1、Chapter17-AdvancedIssuesinRevenueRecognition3copyStudent:___________________________________________________________________________1.SECStaffAccountingBulletin106summarizestheSEC’sviewofwhenrecognitionofrevenueshouldoccur.  True    False 2.Revenuerecognitionisdefi

2、nedastheaccomplishmentsofoperatingactivities.  True    False 3.Thepercentage-of-completionmethodandtheproportionalperformancemethodaremethodsthatrecognizerevenueatapointintheearningsprocesscompleted.  True    False 4.Theinstallmentandthecostrecoveryaremethodsthatre

3、cognizerevenueaftertheearningsprocessiscompleteandwhenrealizationoccurs.  True    False 5.Theoperating-cycleconceptisusedtojustifythatthenetamountsofConstructioninProgressandPartialBillingsbeincludedascurrentassetsorcurrentliabilities.  True    False 6.Whenalong-te

4、rmservicecontractrequiressimilarservicestobeperformedinmorethanoneact,revenueisrecognizedbythepercentage-of-performancemethod.  True    False 7.Itisimportanttounderstandthedifferencebetweenaninstallmentsaleandtheinstallmentmethodofrevenuerecognition,whichacompanyre

5、cognizesrevenueinfullatthetimeofthesaleifcollectibilityisreasonablyassured.  True    False 8.Ifcollectibilityisreasonablycertainorthereisareliablebasisforestimatingcollectibilitythenthecostrecoverymethodisappropriate.  True    False 9.Ifacompanyhasanagreementtodeli

6、versoftwarethatdoesnotrequiresignificantproduction,modification,orcustomizationofsoftwarethenrevenueisrecognizedbaseduponthepercentage-of-completionmethod.  True    False 10.Forretaillandsales,revenueisrecognizedinfullusingtheaccrualmethodifitisearnedandthereceivab

7、leisrealizedorrealizable.  True    False 11.Theimportancetheeconomicsubstanceofaneventtakingprecedenceoverthelegalformreferstorevenuebeing  A. earnedandrecognizedB. earnedandrealizableC. earnedandrealizedD. realizedandrecognized 12.Theoretically,forrevenuetoberecog

8、nizedtherisksandbenefitsofownershipmusthavebeentransferredtothebuyer.Thisrefersto  A. expectedcashflowsbeingrecognizedB. benefitsbeingtheexpected