Exam (elaborations)
INTERMEDIATE ACCOUNTING EXAM REVIEW QUESTIONS AND ANSWERS
- Course
- Institution
INTERMEDIATE ACCOUNTING EXAM REVIEW QUESTIONS AND ANSWERS
[Show more]
Content preview
INTERMEDIATE ACCOUNTING EXAMREVIEW QUESTIONS AND ANSWERS
Which of the following is not a step used to apply the core principle of revenue
recognition?
a.) determine the transaction price
b.) identify the performance obligations in the contract
c.) identify the contract with a customer
d.) ensure the sales price is fixed and determinable - Answer-d.) ensure the sales price
is fixed and determinable
The five steps used to apply the core principle of revenue recognition are: - Answer-1.
identify the contract with a customer
2. identify the performance obligation in the contract
3. determine the transaction price
4. allocate the transaction price to each performance obligation
5. recognize revenue when each performance obligation is satisfied
Which of the following is not an indicator that control of a good has passed from the
seller to the buyer?
a. buyer has legal title
b. buyer has an unconditional obligation to pay
c. buyer has scheduled delivery
d. buyer has assumed the risk and rewards of ownership - Answer-c. buyer has
scheduled delivery
Amounts readily
available to pay off debt
or to use in operations - Answer-Cash
Short-term, highly liquid
investments, readily
convertible to cash with little
risk of loss - Answer-cash equivalents
Have a maturity date no
longer than three months
from the date of purchase - Answer-cash equivalents
internal control exists to: - Answer-*encourage adherence to company policies and
procedures
*promote operational efficiency
*minimize errors and theft
*enhance the reliability and accuracy of accounting date
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now