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Income Reg CCIFP questions and answers 2025
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Income Reg CCIFP questions and answers 2025
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Income Reg CCIFP questionsand answers 2025
Involving Loss Contracts how does the recognition of costs differ
under the two revenue recognition methods - answer 1. Under POC
loss would be recognized in period determined and revenue would
be based off POC
2. Under CC loss would be recorded but no revenue to contract
would be recognized and costs would be differed
What are the 5 steps of variable consideration - answer 1. Identify
Contracts
2. Identify separate performance obligations
3. Determine transaction price
4. Allocate transaction price to separate POS
5. Recognize revenue as entity satifies POs
What is the basic accounting issue discussed in SOP 81-1 - answer
Determination of point or points when revenue should be regonzed
as earned and costs should be incurred
What is variable consideration - answer Variable consideration is
the amount of revenue that a contractor expects to receive from a
customer that is not fixed. Variable consideration can take many
forms, such as:
Price concessions: The customer agrees to pay a lower price if the
contractor meets certain performance goals.
Volume discounts: The customer agrees to pay a lower price if the
contractor delivers a certain quantity of goods or services.
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