1. What are the timelines for the new revenue recognition standard for companies to implement?

2. The new lease standard requires that leases will be included on the Balance Sheet. There is an exemption to this new rule. What obligations will be exempt from inclusion on the Balance Sheet?

3. Match the terms in Column A with the appropriate definition in Column B. Place your answer where indicated.

Column A Column B

A. Contract	A promise to transfer a good or service to the customer Answer:
B. Transaction Price	When control over good or service is transferred to a customer Answer:
C. Discount	Amount that vendor expects to be entitled to for transferring goods or services Answer:
D. Performance Obligations	Approved agreement between two or more parties that creates enforceable rights and obligations Answer:
E. Satisfied Obligation	The price at which an entity would sell a promised good or service separately to a customer Answer:
F. Disclosure	Information about amounts in financial statements Answer:

4. The new Revenue Recognition standard includes extensive disclosures. At this point there are three methods that a public company can use to present these disclosures. List those methods.

5. When discussing foreign currency exposure, there is no easy formula for a company to prepare themselves. Risk cascades through a company or an economy and sometimes with little or no warning. What is a recommendation to minimize this risk?