a. 6. Revenue generally should be recognized at the end of production. b. at the time of cash collection c. when realized d. when the performance obligation is satisfied 7. A company has a factory building that originally cost the company $250,000. The current fair value of the factory building is $3 million. The president would like to report the difference as a gain. The write-up would represent a violation of which accounting assumption or principle? Revenue recognition b. Going concern Historical cost d. Monetary unit a c. 8. The following are part of the "due process" system used by the FASB in the evolution of a typical FASB Statement of Financial Accounting Standards: 1. Exposure Draft 2. Statement of Financial Accounting Standards 3. Public hearing The chronological order in which these items are released is as follows: a 1, 2, 3. b. 1, 3, 2. c. 2, 3,1. d. 3, 1, 2 a. 9. Which of these basic elements of financial statements arises from peripheral or incidental transactions? Assets b. Liabilities c. Gains d. Expenses 10. Recognizing expenses not when a company pays wages, but when the work actually contributes to revenue in in accordance with the a. consistency characteristic. b. expense recognition principle. c. materiality characteristics. d. revenue recognition principle