ACC $328$ FINAL EXAM Coverage: Comprehensive FALL $2024$ Name: Ibrahim Altouhan Student #: $08/7496$ FINAL EXAM is Out of $85\mathrm{.}15$ Marks. PART A: True $/$ False, Multiple Choice, Fill$-$In$-$Blank, & Short Answer PART B: $4$ Short Problems PART A: True $/$ False, Multiple Choice, Fill$-$In$-$Blank, & Short Answer $(20$ marks$)1)$ Under a consignment sales arrangement, a$.$ the consignor receives the merchandise to sell. b$.$ the consignor retains legal title C$.$ the consignee ships the merchandise to the consignor. d$.$ the consignee retains legal title. $2)$ Under a consignment sales arrangement, revenue is recognized, a$.$ upon shipment of the merchandise to the consignee. b$.$ C$.$ upon receipt of the merchandise by the consignee. upon sale by the consignee. d$.$ upon receipt by the consignor of notification of the sale. $3)$ TRUE $/$ FALSE In accounting for a long$-$term construction$-$type contract using the percentage$-$of$-$completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year to the total costs incurred to date. $4)$ TRUE $/$ FALSE One advantage of using the percentage$-$of$-$completion method of recognizing revenue from long$-$term contracts is that it gives results based upon estimates which may be subject to considerable uncertainty. $5)$ IRS refers to only answer