Accounting Chapter 5

Accounting Chapter 5

University

41 Qs

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Accounting Chapter 5

Accounting Chapter 5

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Jeannine Johnson

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41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the Five-Step Model to determine when and how much revenue to recognize?

Identify the performance obligations in the contract

Determine the transaction price

Identify the contract(s) with the customer

Recognize revenue when the entity satisfies its performance obligations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which step involves determining the transaction price in the Five-Step Model?

Step 1

Step 2

Step 3

Step 4

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Five-Step Model, what is done after identifying the performance obligations in the contract?

Recognize revenue when the entity satisfies its performance obligations

Allocate the transaction price to those performance obligations

Identify the contract(s) with the customer

Determine the transaction price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the final step in the Five-Step Model to recognize revenue?

Allocate the transaction price to those performance obligations

Recognize revenue when the entity satisfies its performance obligations

Identify the contract(s) with the customer

Determine the transaction price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a trade discount?

A reduction in price to encourage a business customer to buy

A fee charged for late payment

A tax applied to imported goods

A bonus given to employees

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do shipping terms dictate?

The color of the packaging

The date on which ownership of goods transfers to the buyer

The method of payment

The type of transportation used

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does ownership change hands in FOB Shipping Point?

When the goods are delivered to the customer

When the goods leave the seller’s shipping dock

When the payment is received

When the contract is signed

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