Question: Revenues are most often recognized when: Inventory is purchased for resale Cash is collected A sale takes place or a service is performed Inventory is

Inventory is manufactured for resale The accounting term for the recording of

Revenues are most often recognized when: Inventory is purchased for resale Cash is collected A sale takes place or a service is performed Inventory is manufactured for resale The accounting term for the recording of a sale through a journal entry is: Revenue recognition Revenue accrual Sales transaction Receipt of revenue Work has been substantially completed and cash collection has occurred. Work has been started and cash collection has occurred. Work has been substantially completed and cash collection is reasonably a Work has been started and cash collection is reasonably assured. 4 The Talmage Company owns several shopping malls. One of the shopping malls is undergoing time to recognize revenue from this construction project? When the contract to perform the service was signed At the end of each year, as a percentage completed for that year at the end When the construction work was started After the project is completely finished A irepatio Laen ifrotean No real event, such as the receipt of cash, is necessary to record a debit to Accounts Receivable and a credit to Revenue. Generally accepted auditing standards do not allow auditors to scrutinize the detalled records of credit sales. What is included in the joumal entry necessary to record the collection of the cash for a previously recorded credit sale? DEBIT Accounts Receivable DEBIT Sales CREDIT Cash CREDIT Accounts Recelvable 9 Typically, what do companies want to do with their reported revenue in cases in which they are tryling to reach revenue or profit targets? Companies desire to report revenue as soon as possible to make themselves look better. Companies desire to delay reporting revenue to save sales taxes. Companies desire to delay reporting revenue to save income taxes. Companies desire to report revenue as soon as possible to satisfy the demands of the external auditors. 10 What is it that complicates the revenue recognition process for Rent-A. Center, the rent-to-own company? Rent.A-Center is not followed by any financial arialysts. Most external auditors are unfamillar with the business model of Rent-A-Center. FASB rules do not allow recognition of revenue from any rent to-own transactions, Only about 25% of customers pay the full amount stated in their sales contracts

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