
Accounting Chapter 5
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Jeannine Johnson
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41 questions
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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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