When must multiple performance obligations in a revenuearrangement be accounted for separately?

Q: What is concept of unearned revenue?

A: When a amount is received in advance for a service or goods and as on reporting date such service is…

Q: Which of the following is an input method for recognizing revenue over time?

A: Cost to Cost Method While recognizing the revenue in the contract work there are different method…

Q: What is the two criteria be satisfied before revenue can be recognized?

A: Revenue recognition principle:    Under the revenue recognition principle, revenue and incurrence of…

Q: What kind of project is selected while comparing the mutually exclusive revenue projects?

A: Answer: Introduction: Mutual exclusive projects are such projects which will accept only one of the…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Distinguish between the stand-alone and the incremental revenue-allocation methods.

A:

Q: Choice Are revenue expenditures.

A: Extraordinary repairs are repairs that are of high cost and increase the useful life of the asset…

Q: Explain when it is appropriate to recognize revenue at a single point in time.

A: Revenue refers to the amount of the earning which an organization earns for performing the services.…

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: What is the total revenue of the reportable segments after considering the quantitative thresholds…

A: The reportable segments are those segments which have to be shown and to be declared by the company…

Q: Describe the steps to apply Core Revenue Recognition Principle.

A: Revenue recognition principle: Revenue recognition principle refers to the revenue that should be…

Q: Define the term unearned revenue.

A: Deferred revenues: Deferred revenue is a liability to render service or to deliver products in…

Q: Revenue Realization and Matching principles

A: Option 1 is wrong because the statement is true. Revenue should be recognized when the process of…

Q: How do unearned revenues arise?

A:

Q: How is a revenue-recognition abuse related to the percentage of completion method?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: differences between the FASB and GASB

A: Accounting is a practice that helps the business to keep its transactions in legal-mentioned form.…

Q: How is unearned revenue classified on the balance sheet?

A:

Q: revenue and the expenditure cycle can be viewed as having two key parts

A: Revenue cycle involves sale of goods and expenditure cycle involves purchase of goods.

Q: Explain the major objectives and limitations of fundamental analysis and differentiate between…

A: Fundamental Analysis: Fundamental Analysis is a tool for analyzing the intrinsic value of the…

Q: Explain what is meant by the phrase matched with revenues

A: The term matched with revenues means to recognize expenses in the same period as the related…

Q: Describe the steps of Special Issues in Revenue Recognition.

A: Revenue recognition refers to principle of accounting which specifies revenue conditions.

Q: Discuss the importance of accounting for multiple performance obligations in a revenue arrangement…

A: Here discuss about the importance of the performance obligation which are identified in the contract…

Q: When should DJD recognize revenue

A: The revenues in these type of contracts are based on two types of contracts. 1. Revenues under…

Q: Why does Recognizee revenue when (or as) each performance obligation is satisfied,” is important?

A: Performance obligations are promises to transfer goods or services to a customer. In a transaction…

Q: Explain Deferred Revenue? How it is different from Deferred Expenditures? Give an example?

A: Explain the meaning of deferred revenue and provide example:Deferred revenues:Collection of cash in…

Q: Define Core Revenue Recognition Principle.

A: The core principle of revenue recognition standard is that an entity should recognize revenue to…

Q: What function does the receiving department serve in the revenue cycle?

A:

Q: What is Physical Systems of Revenue Cycle?

A: Revenue cycle           Revenue cycle are divided into two              a. physical phase…

Q: Costs that are directly associated with the earning of revenue are recognized as expense in the same…

A: The accounting is based on various principles and regulations.

Q: Differentiate the Revenue Cycle and Expenditure cycle

A: The processes of the business are divided into different accounting cycles. The revenue cycle,…

Q: What are Revenue Recognition and Matching Principles?

A: Revenue recognition is a Generally Accepted Accounting Principle. It says that organization should…

Q: Define unearned revenues.

A: Definition: Income: This is the amount earned from the operations of a business. The operating…

Q: What are the revenue cycles ( in proper order)

A: Introduction:- Revenue cycles normally starts from receiving order from consumers or entering in…

Q: Explain the function of the receiving department in the revenue cycle.

A:

Q: Which one of the following is a revenue expenditure?

A: Revenue expenditure: It refers to the amount spent on normal maintenance and repairs of fixed assets…

Q: ASPE and IFRS.

A: Introduction: Revenue recognition: Revenue recognition is an accounting theory that defines the…

Q: Outline revenue recognition criteria under modified accrual accounting

A: Modified accrual accounting: The standards for this approach are set by the Government Accounting…

Q: What are the two most often used ways of accounting for revenue from by-products?

A: When the manufacturing entity is engaged in manufacturing the main product which is the main source…