Question
8a. When should a shipping company recognize revenue from its delivery service? a. On the date the customer places a order. b. On the date
8a. When should a shipping company recognize revenue from its delivery service?
a. On the date the customer places a order.
b. On the date the customers packages are delivered.
c. On the date the invoice is mailed to the customer.
d. On the date the customer's payment is received.
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8B.
When is revenue from the sale of merchandise normally recognized?
a. | On the date the sale is made. | |
b. | On the date the customer pays for the merchandise. | |
c. | Either on the date on which the sale occurs, or the date on which the customer pays. | |
d. | When the merchandise is sold, if sold for cash, or when payment is received, if sold on credit. |
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9a.
A company that sells merchandise to customers should normally recognize
a. | revenue only after the cash is collected. | |
b. | revenue and the related expenses in the period the revenue earned, whether payment is received or not. | |
c. | both Revenue and expenses in the period following sale. | |
d. | expenses in the period the merchandise is sold and revenue in the following period. |
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9B.
Accrued expenses originate from
a. | paying off liabilities. | |
b. | paying for items such as insurance in advance. | |
c. | collecting cash from customers. | |
d. | incurring expenses without yet having paid cash for them. |
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