19.) Jason walks into Starbucks and orders a Grande Mocha Latte. What type (if any) contract has Jason entered into for purposes of revenue recognition? A.) Explicit B.) implicit C.) No contract has been entered into 20.) From an accounting perspective a GAIN IS: A.) An inflow or enhancement of assets from the entity's ongoing operations. B.) The settlement of a liability from the entity's ongoing operations. C.) An increase in the net assets of the entity from a peripheral or incidental transaction. D.) There is no such thing as a gain from an accounting perspective. E.) An increase in the net assets of the entity that results from investments by owners. OPTIONAL BONUS QUESTION WORTH ONE POINT TOWARDS FIVE POINT MAXIMUM EXTRA CREDIT: 21.) In order for revenue to be recognized over a period of time (rather than at date of delivery) the following must occur: A.) The seller is creating an asset that has no alternative use. B.) The customer consumes the benefit of the seller's work as it is performed C.) The customer controls the asset as it is being created. D.) Any of the three above permit revenue recognition over time. 19.) Jason walks into Starbucks and orders a Grande Mocha Latte. What type (if any) contract has Jason entered into for purposes of revenue recognition? A.) Explicit B.) implicit C.) No contract has been entered into 20.) From an accounting perspective a GAIN IS: A.) An inflow or enhancement of assets from the entity's ongoing operations. B.) The settlement of a liability from the entity's ongoing operations. C.) An increase in the net assets of the entity from a peripheral or incidental transaction. D.) There is no such thing as a gain from an accounting perspective. E.) An increase in the net assets of the entity that results from investments by owners. OPTIONAL BONUS QUESTION WORTH ONE POINT TOWARDS FIVE POINT MAXIMUM EXTRA CREDIT: 21.) In order for revenue to be recognized over a period of time (rather than at date of delivery) the following must occur: A.) The seller is creating an asset that has no alternative use. B.) The customer consumes the benefit of the seller's work as it is performed C.) The customer controls the asset as it is being created. D.) Any of the three above permit revenue recognition over time