1. In revenue recognition, an allocation is needed if more than one performance obligation exists. This allocation is usually based on a weighted average of

Select one: a. Market values b. Present values c. Book values d. Contract values

2. Which is NOT included in the five-step process of revenue recognition?

Select one:

a. Allocate price to performance obligation

b. Identify performance obligation

c. Recognize revenue when performance obligation is probable

d. Identify contract with customer

3. In accounting for long-term construction-type contracts, construction costs are accumulated in an inventory account called Construction in Process (or Construction in Progress) under which method(s)?

Select one:

a. Percentage of Completion, but not Completed Contract

b. Completed Contract, but not Percentage of Completion

c. Both Percentage of Completion and Completed Contract

d. Neither Percentage of Completion nor Completed Contract