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The major difference between the percentage - of - completion method and the completed-contract method is the firming of A. revenue and gross profit recognition B. revenue and cost recognition C. revenue and net protit recognition D. revenue and biling recognition Two methods used to account for reventee recogntion for kang term contracts are the percentage-of-compieficn mothod and itsed A. sales method B. completod-contract mathod C. cost tecorety method D. instaliment sales miethod An example of a good transferred over time is a A. refrigerator B. suit C. magazine subscription D. Soft drink If the sum of standalone seling prices is greater than the transaction price, then any discount shoukd be alocated to the pertormance obligations based on the relative A. book visues B. not present values C. standalone seting pices D. niestoncal cost The amount of consideration that an entity expects to be entitled to as a result of providing goods or services to a customer is the A. performance obligation B. expected value C. transaction prico D. vanable consideration Under U.S GAAP when a contract meets the collectabiity criterion, this means A. the seller believes it is unlikely to collect the consideration in the contract B. the seller believes it is likely to collect the consideration in the contract C. the seller believes it is 50% likely to collect the consideration in the contract D. the soller belveves it is more likely than not to coliect the consideration in the contract