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Fsa Assignment 1

3737 words - 15 pages

|Multiple Choice Answer Sheet |
| |
|Name | | |Marks |
|Student No. | | |Multiple | |
| | | ...view middle of the document...

The recognition of expenses when cash is paid for supplies. |
| |b. The recognition of depreciation expense for property, plant, and equipment over useful lives. |
| |c. The reconciliation of net income and comprehensive income in a separate financial statement. |
| |d. The recording of period costs on the balance sheet. |
|2. |Revenues are earned when |
| |a. a contract is signed by both parties. |
| |b. the seller substantially completes performance required by an agreement. |
| |c. the buyer completes payment required under an agreement. |
| |d. the buyer accepts delivery and completes required payments. |

Table 1

The IBM Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20; Title pays $16,000, and agrees to pay the balance on November 10.

|3. |Refer to Table 1. Under the cash basis, how much revenue is recognized in October? |
| |a. $ 0 |
| |b. $ 16,000 |
| |c. $ 24,000 |
| |d. $ 40,000 |
|4. |Refer to Table 1. Under the accrual basis, how much revenue is recognized in November? |
| |a. $ 0 |
| |b. $ 16,000 |
| |c. $ 24,000 |
| |d. $ 40,000 |
|5. |Refer to Table 1. Using the accrual basis, which one of the...

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