Quiz Questions
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| For a typical manufacturing company, the most common critical point for recognizing revenue is the date: | show 🗑
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| What kind of warranty is considered an obligation? | show 🗑
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| A contract for the sale of goods specifies that cash is collected 19 months prior to delivery. The seller is likely to do what with respect to time value of money? | show 🗑
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| When a seller offers a right of return, how are sales displayed? | show 🗑
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| show | Recognizing revenue when all performance obligations have been satisfied
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| What must a characteristic should a contract have for purposes of revenue recognition? | show 🗑
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| show | Contract price is allocated to each performance obligation in proportion to the obligations' stand alone selling prices
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| When do companies recognize revenue? | show 🗑
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| show | Credit to sales revenue
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| show | II and III only
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| An internal control system is designed to do what? | show 🗑
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| show | Debit cash and sales discount, and credit accounts receivable
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| A transferor has surrendered control over its receivables if: | show 🗑
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| What happens to refund liability when a customer makes a return? | show 🗑
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| show | Contra asset account
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| When are expenses recorded for a petty cash fund? | show 🗑
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| show | Restricted cash
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| What problem does the direct-write off method create? | show 🗑
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| show | With a credit to accounts receivable and debit to allowance for doubtful accounts
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| What is the purpose of pledging/assigning accounts receivable? | show 🗑
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| How are accounts receivables normally reported? | show 🗑
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| What journal entry is made when a customer returns merchandise? | show 🗑
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| When creating a bank reconciliation, NSF checks are? | show 🗑
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| show | A refund liability associated with estimated returns
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| show | 3 months
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| show | Added to the bank balance
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| show | Factoring receivables without recourse
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| When deciding if financing with receivables is a sale or secured borrowing, what is the critical element? | show 🗑
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| In a period of rising costs and inventory quantities are stable, the inventory method that would result in the highest ending inventory is? | show 🗑
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| If a company that uses dollar-value LIFO reports ending inventory at its year-end cost when the cost index has increased, what is the result? | show 🗑
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| show | False/No
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| show | Included in inventory at an amount equal to the cost
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| Does FOB shipping point remain in the seller's records during transit? | show 🗑
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| How do you calculate purchases? | show 🗑
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| How do you calculate cost of goods sold? | show 🗑
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| Why is LIFO a popular inventory method? | show 🗑
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| show | Cost of goods sold is not recorded under a periodic system until the end of the period
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| What inventory method always produces the same amount for cost of goods sold in both periodic and perpetual? | show 🗑
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| show | Purchases
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| show | Estimated selling price less any estimated costs of completion, disposal and transportation
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| What is the purpose of lower of cost or net realizable value? | show 🗑
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| For a method besides LIFO or retail inventory method, inventory is reported at? | show 🗑
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| Can inventory written down due to lower of cost or net realizable value be written back up? | show 🗑
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| show | False/No
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| show | Conservatism
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| show | Understated cost of goods sold
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| What do you not need to know when using the gross profit method to estimate inventory? | show 🗑
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| show | Net markups
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| How do companies value inventory when using LIFO? | show 🗑
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Created by:
Erika.Meakins
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