Quiz – Contracts
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Contracts which include more than one performance obligation:
Contracts which include more than one performance obligation:
Which is not indicator the customer is likely to have control for a good?
Number of performance obligations and journal entry to record revenue and coupon.
Given the amounts it would cost to discard computer hard drives and the estimated chances of how much will be handled, they ask you to determine the estimated transaction price.
Find how much revenue should Elite recognize as of December 31.
Find how much revenue should Emmet recognize on this contract?
Given the trademark period and the license amount, they ask you to determine the revenue recognized under U.S GAAP and IFRS.
Given information on a contract signed for a bus service, they ask you to prepare journal entries for the sale and purchase of advertisements.
Given a payment received along with an additional payment, they ask you to calculate contract assets, contract liability, and accounts receivable recognized.
Given the fair value of goods sold along with the cash received, they ask you to determine what information can be inferred.