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    "meta_title": "[Solved] 1) In the case where the price of a good | SolutionInn",
    "meta_description": "Answer of - 1) In the case where the price of a good or service is dependent on some future event, what amount would the seller re | SolutionInn",
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    "question_title_h1": "1) In the case where the price of a good or service is dependent on some future event, what amount would the seller recognize as",
    "question_title": "1) In the case where the price of a good or service",
    "question_title_for_js_snippet": "1) In the case where the price of a good or service is dependent on some future event, what amount would the seller recognize as revenue  a The expected value  b The most likely amount  c Only the amount that is known at the time performance is complete  d Either the expected value or the most likely amount, whichever is most easily determinable  2) Which of the following indicate that a seller's performance obligations have been satisfied  a The customer can direct the use of the good or service purchased without hindrance from the seller  b The customer can prevent others from receiving any benefit from the good or service purchased  c The customer has legal title to, and physical possession of, the asset purchased  d All of the above indicate satisfaction of a seller's performance obligations  3) If there is measurement uncertainty in a revenue transaction, a revenue cannot be recognized  b revenue can only be recognized as the cash is collected  c revenue is recognized using the relative fair value method  d revenue is recognized, but an attempt is made to measure and accrue an amount relating to the uncertainty as a cost or reduced revenues  4) In some distribution arrangements, the vendor retains legal title to the goods until ultimate sale to a third party customer  This type of arrangement is called a completed contract  b free on board  c consignment  d installments ",
    "question_description": "<p>1) In the case where the price of a good or service is dependent on some future event, what amount would the seller recognize as revenue?<\/p> <p> <\/p> <p>a.The expected value.<\/p> <p>b.The most likely amount.<\/p> <p>c.Only the amount that is known at the time performance is complete.<\/p> <p>d.Either the expected value or the most likely amount, whichever is most easily determinable.<\/p> <p> <\/p> <p>2) Which of the following indicate that a seller's performance obligations have been satisfied?<\/p> <p> <\/p> <p>a.The customer can direct the use of the good or service purchased without hindrance from the seller.<\/p> <p>b.The customer can prevent others from receiving any benefit from the good or service purchased.<\/p> <p>c.The customer has legal title to, and physical possession of, the asset purchased.<\/p> <p>d.All of the above indicate satisfaction of a seller's performance obligations.<\/p> <p> <\/p> <p>3) If there is measurement uncertainty in a revenue transaction,<\/p> <p> <\/p> <p>a.revenue cannot be recognized.<\/p> <p>b.revenue can only be recognized as the cash is collected.<\/p> <p>c.revenue is recognized using the relative fair value method.<\/p> <p>d.revenue is recognized, but an attempt is made to measure and accrue an amount relating to the uncertainty as a cost or reduced revenues.<\/p> <p> <\/p> <p>4) In some distribution arrangements, the vendor retains legal title to the goods until ultimate sale to a third-party customer. This type of arrangement is called<\/p> <p> <\/p> <p>a.completed contract.<\/p> <p>b.free on board.<\/p> <p>c.consignment.<\/p> <p>d.installments.<\/p>",
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        "edition": "4th Edition",
        "authors": "Christian Albright, Wayne Winston, Christopher Zappe",
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    "question_posted": "2024-06-28 08:20:01",
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