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QUESTION: 81

Revenue is recognized when it is:

Realized and Earned
Fictitious and Earned
Realized and Evidenced
All of the above

Answer(s): A

QUESTION: 82

According to SAB 104, for the revenue to be typically considered realized or realizable and earned, which of the following criteria is NOT met:

Persuasive evidence of an arrangement exists
Services has been rendered
Timings have been met
Collectability is reasonably assured

Answer(s): C

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QUESTION: 83

Which of the following is true for Red flags associated with fictitious revenues?

Slow growth or usual profitability, when not compared to other companies in the same industry.
Usual growth in the number of days purchase in receivables
A significant volume of sales to entries whose substance and ownership is not known.
A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.

Answer(s): C

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QUESTION: 84

According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.