acg2021 at Florida International University

2. Revenue Recognition

in Chapter 3 (Problem 2 of 18)

Which of the following is a requirement for revenue recognition under accrual accounting?

  1. The customer has paid for the goods or services
  2. The customer has signed a contract ordering goods are services
  3. Delivery of the goods or services has been scheduled
  4. The price of the goods or services is fixed
  5. All of the above requirements
Watch Solution (1:45) Hide Solution Reveal Solution

The Rest Of The Practice Problems

Click Here to View All Chapter 3 Problems at Once View
1 Adjusting Entry Identification Easy
2 Revenue Recognition
You are here. 		Easy
3 Closing Journal Accounts Easy
4 Revenue Recognition Easy
5 Revenue Journal Entry Easy
6 Adjusting Entry - Salaries Payable Moderate
7 Adjusting Entry - Wage Expense Moderate
8 Revenue Recognition Moderate
9 Prepaid Rent Moderate
10 Determining Net Income From Transactions Moderate
11 Determining Net Income From Journal Entries Moderate
12 Closing Process Moderate
13 Adjusting Journal Entries Hard
14 Adjusting Journal Entries Hard
15 Revenue and Expense Recognition Hard
16 The Effect of Transactions Hard
17 When You Forget to do Adjusting Entries Hard
18 Year End Closing & Account Classification Hard
← Chapter 2

Chapter 3 Videos

1 Cash vs. Accrual Accounting 7:21
2 Expense Recognition 8:07
3 Accruals and Deferrals 15:07
4 What is an Adjusting Entry? 4:11
5 Adjusting Entry: Supplies 1:54
6 Adjusting Entry: Wages 4:52
7 Adjusting Entry: Unearned Revenue 2:11
8 Adjusting Entry: Interest 2:03
9 Contra-accounts 4:40
10 Depreciation 7:10
11 The Closing Process 10:37
Chapter 4 →