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Course 171020- Revenue Recognition: Rules and Standards
  Final Exam
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171020v - Revenue Recognition: Rules and Standards

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4 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. ______________________ is NOT a leading cause for financial restatements.
2. When goods or services are exchanged for cash or claims to cash (receivables), revenues are
3. When the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues, revenues are
4. Revenue is recognized when
5. The completed performance method should be used to recognize revenue upon completing
6. The _____________ method is used to recognize revenue when there is significant uncertainty regarding the collection of revenue.
7. The ______________ requires that revenues should be recognized in the same period as their associated expenses.
8. The criteria for recognition of revenue at completion of production of precious metals and agricultural products do NOT include
9. The installment method of recognizing profit for accounting purposes is acceptable if
10. ________________ is NOT a method used to recognize revenue from service transactions.
11. Under the cost recovery method of revenue recognition,
12. Winser, Inc. is engaged in extensive exploration for water in Utah. If, upon discovery of water, Winser does not recognize any profit from water sales until cash collections exceed the exploration costs, the basis of revenue recognition being employed is the
13. The principal disadvantage of using the percentage-of-completion method of recognizing revenue from long-term contracts is that it
14. In selecting an accounting method for a newly contracted long-term construction project, the principal factor to be considered should be
15. The profession requires that the percentage-of-completion method be used when certain conditions exist. Which of the following is NOT one of those necessary conditions?
16. When work to be done and costs to be incurred on a long-term contract can be estimated dependably, which of the following methods of revenue recognition is preferable?
17. Cost estimates on a long-term contract may indicate that a loss will result on completion of the entire contract. In this case, the entire expected loss should be
18. Under the completed-contract method
19. A sale should NOT be recognized as revenue by the seller at the time of sale if
20. According to AICPA Statement of Position No. 97–2, Software Revenue Recognition, revenue should be recognized when the contract for software does not involve major production, alteration, or customization. Which of the following is not one of the conditions?
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