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WorksheetsHarisesnin.com Quiz Day 5
Total questions: 11
Worksheet time: 8mins
Step number 4 of process for revenue recognition is determine the transaction price:
True
False
Step number 2 of process for revenue recognition is identify the separate performance obligations in the contract:
True
False
The revenue cycle's primary objective is.......................
to provide quality product in order to maximize market share
to provide the right product in the right place at the right time for the right price
to maximize the company's profit.
The basic document created in the billing process is the definition of
bill of lading
sales order
sales invoice
The price at which goods or services are offered by a business to their customers is called......................
Variable Cost
Selling Price
Cost
One of the purposes of establishing a relationship with a customer in the beginning of the selling process is...............................
to put the customer on guard
to make a single sale
to gain the customer's confidence
How does an entity recognize revenue in accordance with IFRS 15 (PSAK 72)?
An entity should recognize revenue when (or as) the entity satisfies a performance obligation by transferring control of a promised good or service to a customer
An entity should recognize revenue when the seller has transferred to the buyer the significant risks and rewards of ownership of the goods;
An entity should recognize revenue when the amount of revenue can be measured reliably.
Which of the following is least likely to be considered an inherent risk relating to receivables and revenues?
Decline in sales due to economic declines
Decline in sales due to product obsolescence
Over-recorded sales due to a lack of control over the sales entry function
The primary objective of the revenue cycle is......................................
to maximize revenue and minimize expense
to provide the right product in the right place at the right time at the right price
to reduce outstanding accounts receivable balances through increased cash sales
To determine that all sales have been recorded, the auditors would select a sample of transactions from the.............................
Shipping documents file
Sales journal
Accounts receivable subsidiary ledger
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