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Question 4 In the sale of goods, revenue is recognized when the following conditions have been met:

1. all of the above 2. the seller no longer has control over the goods or management involvement 3. the seller has transferred to buyer the risks and rewards of ownership 4. the amount of revenue and costs can be reliably measured and it is probable the cash will be collected

Question 7 One criterion for recognition of revenue is to recognize revenue when 1. cash is collected. 2. collection is not assured. 3. the seller does not have control over the goods. 4. all sales returns have been returned.

Question 8 At the time of acquisition, long-lived assets are recorded at 1. amortized cost. 2. lower of cost and market. 3. at fair market value. 4. at cost.