Financial 2 Flashcards
1
Q
Percentage complete in a revenue recognized over time is _____________ / Total Costs
A
COSTS TO DATE
2
Q
When recognizing revenue over a period of time a liability exists when __________ bilings exceed costs and __________ earnings
A
PROGRESS; ESTIMATED
3
Q
When revenue is recognized at a point in time, revenue is recognized when the contract is __________ but expected losses are recognized ___________ in their entirety
A
COMPLETE; IMMEDIATELY
4
Q
A financing arrangement is when the repurchase price is equal to or _______ than the original sales price and __________ market value
A
GREATER; EXPECTED
5
Q
Changes in estimate will be reported the following year in income from continuing operations (T or F)
A
TRUE
