Want Answer. Thank for your help The contract asset in revenue recognition representswhat?a) Unbilled amounts where performance occurredb) Advance payments receivedc) Accounts receivabled) Contract liability

a) Unbilled amounts where performance occurred. A contract asset, as defined by accounting rules…

Answered: The contract asset in revenue…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 7CYBK

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Question- The contact asset
Which of the following best describes the current revenue recognition principle? Recognize revenue in the accounting period when the performance obligation is satisfied. Recognize revenue in the accounting period when cash is received. Recognize revenue when it is earned. Identify separate performance obligations in the contract.
Explain the importance of a contract in the revenue recognitionprocess.
Provide answer
Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.
Find out
The new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n): Revenue-Expense Approach Asset-Liability Approach O Asset-Equity Approach O Liability-Equity Approach
None
According to Topic 606, in order to have a contract with a customer on which revenue should be recognized, collectability must be: O a. Remote. b. Possible. c. Probable. Od. Uncertain,
describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysis
The FASB has established a Five-Step process to recognize revenue. Which of the following is not one of those steps? A. Ability to identify the contract with the customer. B. Determination thatcollection of the entitled contractual consideration from the customer is probable. C. Properly identify all of the performance obligations within the contract. D. Ability to determine the transaction price. E. Properly identify all of the deliverables and allocate the transaction price to each.
A contract between one or more parties creates: a. the date that cash is paid by the customer b. enforceable rights and obligations for the parties c. revenue for recognition d. the fixed amount of payments for the good or service

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The contract asset in revenue recognition represents what ? a) Unbilled amounts where performance occurred b) Advance payments received c) Accounts receivable d) Contract liability