Introduction to Business

Cambridge College

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Business Accounting
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juli 2022

2021/2022
On October 1, 2013, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. Fifty thousand gallons were delivered on December 15, 2013, and the remaining 50,000 gallons were delivered on January 15, 2014. Payment terms were 50% due on October 1, 2013, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during 2014? a. $ 75,000 b. $150,000 c. $225,000 d. $300,000
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Business Accounting
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juli 2022

2021/2022
Question: Since there is no reasonable basis for estimating the degree of collectibility, Astor Co. uses the installment sales method of revenue recognition for the following sales: What amount should Astor report as deferred gross profit in its December 31, 2014, balance sheet for the 2013 and 2014 sales? a. $225,000 b. $150,000 c. $160,000 d. $250,000
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Business Accounting
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juli 2022

2021/2022
Dolce Co., which began operations on January 1, 2013, appropriately uses the installment sales method of accounting to record revenues. The following information is available for the years ended December 31, 2013 and 2014: What amount of installment accounts receivable should Dolce report in its December 31, 2014, balance sheet? a. $1,700,000 b. $1,225,000 c. $1,300,000 d. $1,775,000
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Samenvatting

Business Accounting
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1

juli 2022

2021/2022
Which of the following statements regarding the percentage-of-completion method of accounting is FALSE? The construction-in-progress account: a. is shown net of advance billings as a liability if the amount is less than the amount of advance billings. b. is an asset. c. is shown net of advance billings on the balance sheet. d. does not include the cumulative effect of gross profit recognition.
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Business Accounting
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1

juli 2022

2021/2022
The following data relates to a construction job started by Syl Co. during 2013: Total contract price $100,000 Actual costs during 2013 20,000 Estimated remaining costs 40,000 Billed to customer during 2013 30,000 Received from customer during 2013 10,000 Under the percentage-of-completion method, how much should Syl recognize as gross profit for 2013? a. $26,667 b. $0 c. $13,333 d. $33,333
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Samenvatting

Business Accounting
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1

juli 2022

2021/2022
Hansen Construction Inc. has consistently used the percentage-of-completion method of recognizing income. During 2013, Hansen started work on a $3,000,000 fixed-price construction contract. The accounting records disclosed the following data for the year ended December 31, 2013: Costs incurred $ 930,000 Estimated cost to complete 2,170,000 Progress billings 1,100,000 Collections 700,000 How much loss should Hansen have recognized in 2013? a. $180,000 b. $230,000 c. $30,000 d. $100,000 ...
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Samenvatting

Business Accounting
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1

juli 2022

2021/2022
Which of the following is NOT a condition that must be satisfied under IFRS before revenue for a service can be recognized? a. The stage of completion can be measured reliably. b. It is probable that the economic benefits associated with the transaction will flow to the seller. c. Cash collection is at least reasonably possible. d. The amount of revenue and costs associated with the transaction can be measured reliably.
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Business Accounting
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juli 2022

2021/2022
O’Hara Company recognizes revenue on long-term construction contracts under IFRS. It cannot estimate progress toward completion accurately, and so uses the cost recovery method (also called the “zero profit method”) to estimate revenue. O’Hara writes a contract to deliver an automated assembly line to Easley Motors. Easley will pay $2,000,000 to O’Hara, and O’Hara estimates the line will cost $1,500,000 to construct. The job is estimated to take three years to complete. In the first...
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Business Accounting
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1

juli 2022

2021/2022
Which of the following is NOT true about revenue recognition for multiple deliverable contracts under IFRS? a. IAS No. 18 provides extensive guidance determining how contracts are to be separated into components for purposes of revenue recognition. b. IFRS encourages focus on the economic substance of transactions, so some arrangements are likely to be accounted for differently than under U.S. GAAP. c. Unlike U.S. GAAP, IFRS does not require VSOE for software contracts in order to separate co...
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Business Accounting
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1

juli 2022

2021/2022
Barrett Inc. paid $50,000 of property taxes in January that constitute the entire property tax bill for the year. Which of the following is true concerning how Barrett would account for those taxes in interim periods? a. Under IFRS, Barrett would expense the entire $50,000 in the last quarter of the year. b. Under U.S. GAAP, Barrett would expense the entire $50,000 of property taxes when the tax was paid in the first quarter of the year. c. Under U.S. GAAP, Barrett would finish the first qua...
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Introduction to Business

Cambridge College

Business Accounting

Business Accounting

Business Accounting

Business Accounting

Business Accounting

Business Accounting

Business Accounting

Business Accounting

Business Accounting

Business Accounting