8) In the case of sales where the customer is billed before delivery of the goods,

A) the seller should always recognize revenue before the products are delivered to the customer. B) the goods belong to the customer and revenue recognition is deferred until delivery. C) the seller may recognize revenue if control of the goods has been transferred to the customer even though physical delivery has not taken place. D) revenue will not be recognized until the goods are shipped to the customer.

9) In the case of goods delivered to a consignee under a consignment arrangement,

A) the consignor should not recognize revenue until the goods are transferred to a third party. B) the cash received to date should be recognized by the consignor as deferred revenue until merchandise is delivered to the consignee. C) revenue should be recognized when the consignor collects payment from the consignee. D) the seller should recognize revenue although the goods have not yet been transferred to a third party.

10) Internet companies that simply act as agent or broker for the transfer of goods must record revenue based on:

A) the cost of the product sold. B) the fees it charges sellers. C) the sales price of the product. D) the gross profit of the product sold.

11) The cost-plus approach:

A) refers to contracts that are modified from their original terms during the course of the contract. B) refers to contracts where the contractor is not expected to recover all costs incurred in completing the project. C) is not allowed under ASC Topic 606 guidance for revenue recognition. D) uses an assumed reasonable profit margin to determine the stand-alone price.