12:02 Done Lst1.docx 1. What is the guiding accounting principle in revenue recognition? Select one: Ca. Perpetual inventory system b. Net realizable value c. Prudence concept Cd. Accrual basis 20. Which of the following is not a stop-in recognizing revenue from contracts? Select one: Ca. Recognize revenue after satisfaction of performance obligation b. Identify the customer in the contract Cc. Identify performance obligations in the contract Cd. Determine the transaction price 21. Which from the following steps in revenue recognition determines measurement? Select one: Ca, Step 5 b. Step c. Step 2 Cd. Step 3 22. On August 15 2019, Royal Bakery Ltd received an order for 2 over-the-top cakes from Golden Events, at N$5,000 (Incl. VAT) each. The cakes are needed for an event on December 14" Royal Bakery requires a 20% deposit before they start working on an order. The company also gives a 2% discount on full payments done within 7 days after delivery. Both Royal Bakery and Golden events are registered for VAT. Golden Events paid the 20% deposit for the order on August 15 and the remaining amount on December 14 after delivery. Using the above information, what is the contract transaction price? (2 marks) Select one: Ca. N$8,522 b. N$9,800 C. N$8,695 Cd. NS6,817 23. On August 15 2019, Royal Bakery Ltd received an order for 2 over-the-top cakes from Golden Events, at NS5.000 (Incl. VAT) each. The cakes are needed for an event on December 14" Royal Bakery requires a 20% deposit before they start working on an order. The company also gives a 2% discount on full payments done within 7 days after delivery. Both Royal Bakery and Golden events are registered for VAT. Golden Events paid the 20% deposit for the order on August 15 and the remaining amount on December 14 after delivery. Using the above information, what is the contract transaction price? (2 marks) Select one: C a. N$8,522 b. N$9,800 c. N$8,695 Cd. N$6,817