
MODULE 28
Authored by Nolan Eric
Business
Professional Development
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The first step in the revenue recognition process is to
A. determine the price.
B. identify the contract.
C. identify the obligations.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A contractor agrees to build a bridge for a total price of $10 million. The project is expected to take four years to complete, at a total cost of $6.5 million. After Year 1, costs of $2.5 million have been incurred, and a further $1 million in costs are incurred in Year 2. The client pays $2 million in each of the first two years. The amount of revenue the contractor should recognize in Year 2 is closest to:
A. $1.54 million.
B. $2.00 million
C. $5.38 million
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A realtor sells one of its client’s houses for $1.4 million, earning a commission of 3%. The costs to the realtor associated with the sale are $15,000. What is the realtor’s gross profit for this transaction
A. $27,000
B. $42,000.
C. $1,385,000.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company purchases an asset with future economic benefits that are highly uncertain, the company should
A. expense the purchase.
B. use straight-line depreciation
C. use an accelerated depreciation method
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Red Company immediately expenses its development costs, while Black Company capitalizes its development costs. All else equal, Red Company will
A. show smoother reported earnings than Black Company
B. report higher operating cash flow than Black Company.
C. report higher asset turnover than Black Company.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Changing an accounting estimate
A. is reported prospectively
B. requires restatement of all prior-period statements presented in the current financial statements.
C. is reported by adjusting the beginning balance of retained earnings for the cumulative effect of the change
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following transactions would most likely be reported below income from continuing operations, net of tax?
A. Gain or loss from the sale of equipment used in a firm’s manufacturing operation.
B. A change from the accelerated method of depreciation to the straight-line method
C. The operating income of a physically and operationally distinct division that is currently for sale, but not yet sold
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