An extraordinary event for financial reporting purposes is both: A. Unusual and material. B. Infrequent and significant. C. Material and infrequent. D. Unusual and infrequent Revenue likely is recognized over time for all of the following arrangements except for A. Bank earning interest on a long term loan B. Construction of a building C. Providing a two year gym membership D. Sale a bottle of water and receiving cash at time of sale. Mary signed up and paid $1200 for a 6 month ceramies course on June 1st with Choplet Ceramics. As of August 1st, Choplet's accounting records would indicate: A. $400 of revenue, $800 of accounts receivable B. $400 of revenue, $800 of deferred revenue C. $1, 200 of revenue, $1, 200 of cash D. $800 of revenue, $400 of accounts receivable On February 1st, H & B Bank originated a loan for $50,000 at an interest rate of 7.2% On March 15th, an interest payment of $300 was received. Which of the following best describes when interest revenue should be recognized? A. At a point in time (February 1st) B. At a point in time (March 15th) C. At a point in time (March 31st) D. Over time. On November 1, 2016, Taylor signed a one year contract to provide handyman services on an as needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylow $4, 800 for the one year period. Taylor is confident the King will pay that amount, but payment is not scheduled to occur until 2017. Taylor should recognize revenue in 2016 in the amount of A. $0. B. $800. C. $2, 400. D. $4, 800