Question: Content Learning Worksheet - Answer the question and provide the page number of your solution. 1. ____________ Considering revenue from contracts with Customers, revenue is

Content Learning Worksheet - Answer the question and provide the page number of your solution. 1. ____________ Considering revenue from contracts with Customers, revenue is recognized and measured based on _______________________________________, which is called the _____________________________ approach. 2. ____________Name the five steps for Revenue recognition. 3. ____________ What is the basic 4-line entry made when a contract exists and performance obligation has been met? 4._____________ Define a performance obligation. 5.____________What value is revenue recognized at in a non-cash transaction? 6.___________List the 5 indicators of change in control of a good or service.

7.___________When is revenue recognized in the following situations: Sales with Returns and Allowances Credit Sales ___________________________________________________ Sales with Returns and Allowances Cash Sales ___________________________________________________ Repurchase agreements____________________________________________________________ Bill and hold______________________________________________________________________ Principle-agent____________________________________________________________________ Consignments_____________________________________________________________________ Warranties________________________________________________________________________ Nonrefundable Upfront fees__________________________________________________________

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