Bài kiểm tra chủ đề Doanh thu từ hợp đồng với khách hàng

Câu Hỏi 1
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Jones Corporation enters into a contract with Warner Video to add their programs to Jones'
network. Warner will pay Jones an upfront fixed fee of $250,000 for 12 months of access, and
will also pay a $130,000 bonus if Jones' users access Warner Video for at least 10,000 hours
during the 12 month period. Jones estimates that it has a 60% chance of earning the $130,000
bonus. Ignore any constraints on variable consideration. Refer to Jones Corporation. Using the
most-likely-amount approach, the transaction price would be ________.
Select one:
A.
$380,000
B.
$250,000
C.
$328,000
D.
$130,000
Phản hồi
$380,000 = $250,000 + $130,000
The correct answer is: $380,000
Câu Hỏi 2
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Aztec Company contracted with the Kirk Company to review their revenue recognition policies
for recording sales. The contract will pay Aztec $800,000 in the form of a fixed fee. Aztec will
also receive $150,000 additionally if Kirk achieves $200,000 in additional revenues. Aztec
estimates a 70% chance that Kirk Company will achieve $200,000 in additional revenues. Refer
to Aztec Company. Assume that Aztec estimates that the transaction price is the probability
weighted amount of expected consideration. The transaction price is ________.
Select one:
A.
$800,000
B.
$240,000
C.
$905,000
$905,000 = $800,000 + ($150,000 × 70%)
D.
$560,000
Phản hồi
$905,000 = $800,000 + ($150,000 × 70%)
$905,000 = $800,000 + ($150,000 × 70%)
Câu Hỏi 3
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Companies may choose the method used to disaggregate revenues when disclosing
information about revenues.
Select one:
True
False
Phản hồi
The correct answer is 'True'.
Câu Hỏi 4
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Tullis Construction enters into a long-term fixed price contract to build an office tower for
$10,700,000. In the first year of the contract Tullis incurs $3,000,000 of cost and the engineers
determined that the remaining costs to complete the project are $5,000,000. Tullis billed
$4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. How should
Tullis report Construction in Progress and Billings on Construction in Progress at the end of year
1 on the balance sheet assuming the use of the completed-contract method?
Select one:
A.
liability of $500,000
B.
liability of $1,000,000
The company must report the net amount of the CIP and billings on CIP on the balance sheet at each
balance sheet date. An asset is reported when the CIP is greater than the billings on CIP. A liability is
reported if the billings on CIP is greater than the CIP. In this case, the CIP is a $3,000,0000 (debit)
balance while the billings on CIP is a $4,000,000 (credit) balance which means a liability of the net
amount of $1,000,000 should be reported.
C.
asset of $1,000,000
D.
asset of $500,000
Phản hồi
The correct answer is: liability of $1,000,000
Câu Hỏi 5
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The cumulative percentage of completion is found by dividing the total costs incurred to date by
the estimated total cost of the project.
Select one:
True
False
Phản hồi
Câu Hỏi 6
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Able sells a piece of equipment to Smythe for $1,800 on August 1. The equipment cost $1,000.
The equipment is picked up by Smythe on August 10. The contract also includes a 12 month
service plan. How many performance obligations are included in this transaction?
Select one:
A.
1
B.
2
C.
3
D.
4
Phản hồi
The correct answer is: 2
Câu Hỏi 7
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Shady Equipment sells a truck to Fred for $160,000 on January 1, 2016. Payment of $160,000
is received is received on January 1, 2016, and interest is incurred over two years. The truck is
delivered two years later. The market rate of interest is 9%. Refer to Shady Equipment. How
much interest expense will Shady report over the term of the contract? (Do not round
intermediary calculations, and round your final answer to the nearest whole number.)
Select one:
A.
$160,000
B.
$47,205
C.
$14,400
D.
$30,096
$30,096 = Year 1 $160,000 × 9% = $14,400 + year 2 ($160,000 + $14,400) × 9%
Phản hồi
$30,096 = Year 1 $160,000 × 9% = $14,400 + year 2 ($160,000 + $14,400) × 9%
$30,096 = Year 1 $160,000 × 9% = $14,400 + year 2 ($160,000 + $14,400) × 9%
Câu Hỏi 8
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Judgment may be involved in the determination of whether the promise to deliver the good or
service is separate from other promises.
Select one:
True
False
Phản hồi
Câu Hỏi 9
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A performance obligation is a promise to transfer a good or service that is distinct.
Select one:
True
False
Phản hồi
Câu Hỏi 10
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Camey Construction enters into a long-term fixed price contract to build an office building for
$5,000,000. In the first year of the contract Camey incurs $1,400,000 of cost and the engineers
determined that the remaining costs to complete the project are $2,500,000. Camey billed
$4,000,000 and collected $1,000,000 in year 1. Refer to Camey Construction. How much gross
profit should Camey recognize in Year 1 assuming the use of the percentage of completion
method? (Round any intermediary percentages to the nearest hundredth percent, and round
your final answer to the nearest whole dollar.)
Select one:
A.
$1,400,000
B.
$2,600,000
C.
$394,900
$394,900 is the gross profit to be recognized. The percentage of completion percentage is

$1,400,000/$3,900,000 = 0.359. Total Gross Profit = $5,000,000 - $3,900,000 =$1,100,000. Gross Profit
Recognized in Year 1 = $1,100,000 × 0.359 = $394,900
D.
$525,000
Phản hồi
Câu Hỏi 11
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Derby Company sells season passes to its entertainment center. The passes sell for $85 each
and are good for the year. On January 1, Derby sells 3,000 passes and received cash. The
amount of revenue to be recognized on January 1 is ________.
Select one:
A.
$21,250
B.
$255,000
C.
$0
D.
$127,500
Phản hồi
The correct answer is: $0
Câu Hỏi 12
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Fare Jewelry Company is holding goods on consignment from Tomko with a selling price of
$3,000,000. Fare is promised a commission of 25% for goods sold. By the end of 2019 Fare has
sold $700,000 of Tomko's goods. How much revenue should Tomko recognize for 2019 on this
transaction?
Select one:
A.
$0
B.
$3,000,000
C.
$700,000
D.
$2,300,000
Phản hồi
Câu Hỏi 13
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Under U.S. GAAP, when a contract meets the collectibility criterion, this means ________.
Select one:
A.
the seller believes it is likely to collect the consideration in the contract
B.
the seller believes it is more likely than not to collect the consideration in the contract
C.
the seller believes it is 50% likely to collect the consideration in the contract
D.
the seller believes it is unlikely to collect the consideration in the contract
Phản hồi
The correct answer is: the seller believes it is likely to collect the consideration in the contract
Câu Hỏi 14
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A yacht dealer sells high performance yachts to affluent customers. The sale also includes a 90-
day warranty against any defects in workmanship. The number of performance obligations for
each yacht is ________.
Select one:
A.
1
B.
2
C.
3
D.
4
Phản hồi
The correct answer is: 1
Câu Hỏi 15
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Able sells and delivers a piece of equipment to Smythe for $1,800 on August 1 and the
equipment cost $1,200. The sale is a credit sale. How is this transaction accounted for under a
perpetual system of inventory?
Select one:
A.
Sales Revenue 1,800

Accounts Receivable 1,800
B.

Sales Revenue 1,800
Cost of Goods Sold $1,200
Inventory $1,200
C.

Sales Revenue 1,200
D.
Sales Revenue 1,200

Phản hồi
The correct answer is:

Sales Revenue 1,800
Cost of Goods Sold $1,200
Inventory $1,200
Câu Hỏi 16
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Đặt cờ
If the seller does not meet the three criteria for revenue recognition, then it assumes that goods
or services are transferred over time.
Select one:
True
False
Phản hồi
The correct answer is 'False'.
Câu Hỏi 17
Đúng
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The local Mini Mart makes cash sales of $8,000 on April 5, 2019. The journal entry to record the
transaction would be to ________. The firm uses the periodic inventory system.
Select one:
A.
Sales Revenue 8,000

Cash 8,000
B.
Cash 8,000
Sales Revenue 8,000
C.

Sales Revenue 8,000
D.
Cash 8,000
Phản hồi
The correct answer is:
Cash 8,000
Sales Revenue 8,000
Câu Hỏi 18
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Hopner Products enters into a contract with Tulles to sell three different products. Each of the
products is a separate performance obligation. Based on the information presented in the table,
what is the standalone price of product Z using the residual approach?
Transaction
$415,000
Price
Price Standalone Price
X $150,000
Y $125,000
Z Not Available
Select one:
A.
$290,000
B.
$255,000
C.
$140,000
$140,000 = $415,000 - $150,000 - $125,000
D.
$115,000
Phản hồi
$140,000 = $415,000 - $150,000 - $125,000
$140,000 = $415,000 - $150,000 - $125,000
Câu Hỏi 19
Đúng
Đặt cờ
A good or service must be explicitly identified in a contract in order to identify a performance
obligation.
Select one:
True
False
Phản hồi
The correct answer is 'False'.
Câu Hỏi 20
Sai
Đặt cờ
Novella Company sells annual memberships to its auto club. The memberships cost $900 each.
On January 1, Novella sold 6,000 memberships and received cash. How much revenue should
Novella record on January 1?
Select one:
A.
$900
B.
$0
C.
$10,800
D.
$5,400,000
Phản hồi
The correct answer is: $0

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Câu Hỏi 1

$905,000 = $800,000 + ($150,000 × 70%)

$30,096 = Year 1 $160,000 × 9% = $14,400 + year 2 ($160,000 + $14,400) × 9%

$394,900 is the gross profit to be recognized. The percentage of completion percentage is

Sales Revenue 1,800

Accounts Receivable 1,800

Accounts Receivable 1,200

Sales Revenue 1,200

Accounts Receivable 1,800

Sales Revenue 8,000

Accounts Receivable 8,000

$140,000 = $415,000 - $150,000 - $125,000

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