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1. One of the more popular input measures used to determine the progress toward completion in the percentage-of-completion method is

a. revenue-percentage basis.

b. cost-percentage basis.

c. progress completion basis.

d. cost-to-cost basis

2. The criteria for recognition of revenue at the completion of production of precious metals include

a. sales price is reasonably assured.

b. No significant costs are involved in distributing the product.

c. units are interchangeable.

d. all of these.

3. In certain cases, revenue is recognized at the completion of production even though no sale has been made. Which of the following statements is not true?

a. Examples involve precious metals or farm equipment.

b. The units are interchargeable.

c. No significant costs are involved in distributing the product.

d. all of these statements are true.

4. For which of the following products is it appropriate to recognize revenue at the completion of production even though no sale has been made?

a. Automobiles.

b. Large appliances

c. Single family residental units.

d. precious metals

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9945994

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