Reference no: EM132995873
Problem 1: Revenue generally should be recognized
A) at the end of production.
B) at the time of cash collection.
C) when realized.
D) when realized or realizable and earned.
Problem 2: Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the
A) economic entity assumption.
B) relevance characteristic.
C) comparability characteristic.
D) neutrality characteristic.
Problem 3: Which of the following is a time when revenue may be recognized?( You can choose more than 1 option)
A) At time of sale
B) At receipt of cash
C) During production
Problem 4: What accounting concept justifies the usage of accruals and deferrals?
A) Going concern assumption
B) Materiality constraint
C) Consistency characteristic
D) Monetary unit assumption
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