ACC2363_QUIZ 1_Q #63

The expense matching principle states that:   Multiple Choice   Expenses are recognized when paid.   All expenses are recognized when the corresponding revenue is recorded.   Some expenses are recognized when the corresponding revenue is recognized and some are spread over time.   Expenses are recognized when the invoice is received.

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1. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied.

3. Accounting for cost of incentive program for frequent customer purchases involves a. Recording an expense and a liability each period. b. Recording a liability and a reduction of revenue. c. Recording an expense and an asset reduction. d. Recording an expense and revenue each period. 4. Accounting for cost of customer incentive program a. Requires probability estimation. b. Follows the matching principle. c. Is a loss contingency situation. d. All of these are correct. 5. Providing a monetary rebate program Is accounted for similarly to a premium offer b. Creates an expense for the seller in the period of sale. c. Creates a liability for the seller at the time of sale. d. Is normally not recognized

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Three Categories of program revenue are reported in the statement of activities: Charge for service, operating grant and contribution and Capital grant and contribution. O a. True O b. False

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Match the following challenges in revenue recognition with their corresponding aspects: A. Determining appropriate recognition criteria B. Estimating the fair value of variable considerations C. Identifying and allocating revenue to each performance obligation D. Monitoring and reassessing estimates over time 1. Matching with A: • Option: 2. Matching with B: Option: 3. Matching with C: • Option: 4. Matching with D: Option: ● Options: A) Determining appropriate recognition criteria B) Estimating the fair value of variable considerations C) Identifying and allocating revenue to each performance obligation D) Monitoring and reassessing estimates over time Choose the correct combination: 1. A-B, B-C, C-D, D-A 2. A-C, B-D, C-A, D-B 3. A-D, B-C, C-A, D-B 4. A-B, B-D, C-A, D-C

Check all attributes below that were met for a test of an expenditure. Attached is a copy of the invoice and below is information from the accounting system:   Item # Transaction ID Invoice Date Vendor Vendor Code Object Code Object Code Name Amount Created Approved Invoice # Date Entered Paid Date Amount Paid 98 19000001101 9/22/2018 Ohio Dept of Transportation VC0000126549 E450 Road Construction  $6,914.41 JMM03 BVZ02 101492 10/3/18 10/22/2018  $   6,914.41   Invocie for Exam 3 TH.docx  check all that apply   A. Documentation exists   B. Transaction had proper approval before payment   C. Invoice agrees to journal: amount, vendor, fund, object code   D. Invoice is mathematically correct   E. Document was cancelled   F. Recorded timely (5 days from reciept of goods or invoice)   G. Invoice was paid timely

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Determine the meaning of the following terms. a.    Contributory plan. b.    Vested benefits. c.    Retroactive benefits. d.    Years-of-service method.

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