Accounting Intermedite II Practice questions:

9. Revenue can result from: a. Inflow of assets b. Settlement of liabilities c. Rendering of services on cash or on account basis d. All of the above e. Only a and b above. 10. T/F. Most contracts to deliver goods or services in the future are basically performance contracts. 11. T/F. All performance contracts are subject to modification. 12. On January 2, 2021, Mark Emmanuel paid Havenely Get Fit Club $6000 as membership fee for 3 years. The Company 's year ends December 31, 2021. The general journal entries Havenly Get Fit Club would make on January 2, 2021 would be a.Cashb.Cashc.Revenue$6000(Dr)andMembershipRevenue$6000(Dr)andUnearnedMembershipRevenue$6000(Cr)$6000(Dr)andCash$6000(Cr)$6000(CR) d. All of the above e. None of the above. Please refer to problem 12 above for the next question. 13. T/F. The Revenue recognized by Havenly Get Fit Club in 2021 should be $2,400. 14. T/F. In a cost plus contract, there must be an agreement between the two parties about what constitutes cost and the percentage of revenue to be recognized by the contractor or service supplier