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FAR Section - CPA Exam > F2 - Accounting for Installment Sales > Flashcards

F2 - Accounting for Installment Sales Flashcards

1
Q

How is deferred gross profit calculated on an installment sale?

A

Receivable balance multiplied by the gross profit percentage

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2
Q

How is the gross profit percentage calculated for an installment sale?

A

Gross profit/selling price

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3
Q

Under the cost-recovery method, how is revenue recognized?

A

Revenue is only recognized when all costs have been recovered; everything beyond that is revenue

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FAR Section - CPA Exam (45 decks)

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