Chpt 7 Revenue Recognition Flashcards Preview

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Flashcards in Chpt 7 Revenue Recognition Deck (2)
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1
Q

Sale of goods when all of the following are met

A

1 - transfer to buyer the significant risk and rewards
2 - no continuing managerial involvement or control
3 - amount of revenue can be measured reliably
4 - probable that economic benefits will flow to the entity
5 - transaction costs can be measured reliably

2
Q

Service when all met

A

1 - stage of completion can be measured reliably
2- amount of revenue can be measured reliably
3 - probable that economic benefits will flow to the entity
4 - transaction costs can be measured reliably