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FiveStarLaw
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Can anyone help me with three homework assignments? (Intermediate

Customer Question

Can anyone help me with three homework assignments? (Intermediate Accounting I) muiltple choice questions? each assignment have atleast 20 questions from my school.
Submitted: 1 year ago.
Category: Homework
Expert:  FiveStarLaw replied 1 year ago.

FiveStarLaw :

I can assist you. I would require each assignment to be posted separately and accepted separately

Customer :

ok no problem thanks you :)

FiveStarLaw :

Great. I will change over to the question-and-answer format You can post the questions whenever you are ready.

Customer :

how much will this be fivestarlaw?

FiveStarLaw :

I can do the first assignment for whatever amount you have already paid the site. We can then come to an agreement regarding the next 2 assignments depending upon the difficulty level

FiveStarLaw :

Does the sound fair to you?

Customer :

yes very fair

FiveStarLaw :

Fantastic – I am now converting to the question-and-answer format. You can post the questions when you are ready

Customer :







































































The earliest moment that the critical event and measurability are both satisfied for revenue recognition is usually:















A. before the sale.
B. after the sale.
C. at the time of sale.
D. when payment is received.

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If the critical event and measurability conditions are satisfied, revenue may be recognized before the sale:















A. as production takes place.
B. when the customer pays in advance.
C. if the seller legally owns the goods.
D. when the customer purchases on credit.

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If the critical event and measurability conditions are not satisfied, revenue may be recognized after the sale:















A. when legal ownership passes to the seller.
B. when cash is collected.
C. as the goods are shipped.
D. on the receipt of goods by the customer.

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Under the percentage-of-completion method of revenue recognition, the percentage-of-completion ratio is computed by dividing:















A. profits earned to date by estimated total profits.
B. costs incurred to date by estimated total costs.
C. costs incurred to date by the contract price.
D. profits earned to date by the contract price.

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All of the following are examples of long-term construction projects except:















A. military hardware.
B. oil tankers.
C. bridges.
D. residential swimming pools.

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When losses occur on long-term contracts using the percentage-of-completion method, they are recognized:















A. in their entirety as soon as it becomes known that a loss will be suffered.
B. at the completion of the project.
C. proportionately over the contract period using costs incurred as a base.
D. evenly over the contract period.

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When losses occur on long-term contracts using the completed-contract method, they are recognized:















A. proportionately over the contract period using costs incurred as a base.
B. evenly over the contract period.
C. in their entirety as soon as it becomes known that a loss will be suffered.
D. at the completion of the project.

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Table 3-2 The Sarver Farm has completed the fall harvest with 50,000 bushels of premium wheat. The wheat cost $75,000 from plating to harvest and the market price of the wheat on the day it is placed in the silo is $2.50 per bushel. Hauppauge sells 42,000 bushels in Year 1 and holds the remaining 8,000 until Year 2 when it sells for $3.00 per bushel.

Using the completed transaction (sales) method, how much net revenue should Sarver recognize in Year 1?

















A. $42,000
B. $50,000
C. $105,000
D. $125,000

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When applying the installment sales method the accounting system must match collections with the specific sales year to which the cash collections relate in order to apply the correct:















A. net profit percentage to accounts receivable.
B. gross profit percentage to accounts receivable.
C. net profit percentage to cash receipts.
D. gross profit percentage to cash receipts.

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Under the installment sales method, interest charged by the sellers is:















A. immaterial and GAAP allows it to be combined with recognized gross profit.
B. recognized out of the last cash collection of the sale.
C. recorded separately out of the periodic cash proceeds.
D. recognized out of the first cash collection of the sale.

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Under the cost recovery method of revenue recognition income is recognized:















A. on a proportionate basis as the cash is received from the sale.
B. immediately.
C. when the cash received from the sale exceeds the cost of the product sold.
D. when all of the cash has been received.

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Initial franchise fees should be recorded as revenue by the franchisor:















A. in accordance with the franchise agreement.
B. when cash is received from the franchisee.
C. when all material services relating to the sale have been substantially performed.
D. during the year the franchise agreement is signed.

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Companies that fail to meet analysts' earnings expectations:















A. are often rewarded by investors.
B. are often penalized by investors.
C. have had no consequences to the companies.
D. are forced into reorganization.

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Earnings management:















A. can be used to manipulate earnings.
B. is mandated under the SEC rules for publicly held companies.
C. is a new theory of management.
D. is rarely used .

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Academic studies have found that actual earnings:















A. fall randomly around the consensus estimate.
B. tend to come in at or above the forecast.
C. almost never seem to beat estimates by a penny or two a share, no matter what the economic conditions.
D. rarely are close to analysts' forecast earnings for the company.

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A series of immaterial errors spread across several accounts:















A. will always have a material impact on earnings.
B. must always be corrected.
C. if found by the auditors, will result in a disclaimer.
D. can, in the aggregate, have a material affect on botXXXXX XXXXXne earnings.

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The SEC specifies four criteria for revenue recognition and allows recognition of revenue when:















A. all the criteria are met.
B. 3 out of 4 criteria are met.
C. 2 out of 4 criteria are met.
D. only one criterion is met.

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In case of goods sold on layaway:















A. the seller should not recognize revenue until the products are delivered to the customer.
B. the cash received to date should be recognized as an asset until merchandise is delivered to the customer.
C. revenue should be recognized under the installment sales method.
D. the seller should recognize revenue before products are delivered to the customer.

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Revenue from nonrefundable up-front fees:















A. can never be recognized.
B. must be recognized immediately.
C. are not allowed under GAAP.
D. are usually deemed to be earned as the services are delivered over the full term of the service contract.

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Internet companies that simply act as agent or broker in a transaction must record sales based on:















A. gross basis.
B. net basis.
C. commission basis.
D. discount basis.


Expert:  FiveStarLaw replied 1 year ago.
I am working on the answers Leonard
Customer: replied 1 year ago.

ok

Expert:  FiveStarLaw replied 1 year ago.
I will need about 20 min
Customer: replied 1 year ago.


no problem take your time.

Expert:  FiveStarLaw replied 1 year ago.

Here are my answers for comparison with your own:
http://www.mediafire.com/view/?qnby1p6y1qyof1k

Please let me know the score!
Customer: replied 1 year ago.


hello im missing number 7,8,14,15 and 16

Expert:  FiveStarLaw replied 1 year ago.

That is strange – It is on my copy:
7 C
8 A
14 A
15 B
16 D
Customer: replied 1 year ago.


omg i got 100 you are the best wow!!!! you ready for the next set?

Expert:  FiveStarLaw replied 1 year ago.
Yes... But first please accept the work I have already completed. For the 2nd set, assuming they are similar to the first set, I think a $50 bonus would be fair. Do you agree? Additionally would you please send the questions as an attachment or upload to mediafire.com. The formatting was very difficult to work with
FiveStarLaw, Lawyer
Category: Homework
Satisfied Customers: 36646
Experience: Lawyer, Accountant and Researcher
FiveStarLaw and 3 other Homework Specialists are ready to help you
Expert:  FiveStarLaw replied 1 year ago.
Thank you for the excellent service rating :-) Do you still want to continue?
Customer: replied 1 year ago.
Ok great! I'm opening up a media fire account now. Thanks so much!!!
Expert:  FiveStarLaw replied 1 year ago.
ok - are we in agreement on the bonus for the next set?
Customer: replied 1 year ago.
Yes we are. THANKS! So I just add the $50.00 bonus above right?
Expert:  FiveStarLaw replied 1 year ago.
Yes - you can add it after I do the work
Customer: replied 1 year ago.
Expert:  FiveStarLaw replied 1 year ago.
ok - I'll get started now
Customer: replied 1 year ago.


ok

Expert:  FiveStarLaw replied 1 year ago.


I had some difficulty with the ambiguous wording in # XXXXX and 4. Here are my answers for comparison with your own:
http://www.mediafire.com/view/?fuw1wenlhte0yht

I need to take a break. Do you need the answers to the 3rd assignment tonight?

Expert:  FiveStarLaw replied 1 year ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
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Customer: replied 1 year ago.

 


Thanks so much. I do need them tonight but take a break i can post them in the waiting room. I am applying the answers now and then im going to add the bonus.


 


Thanks so much fivestar :)

Customer: replied 1 year ago.


I just added the bonus thanks i got a 90% :)

Expert:  FiveStarLaw replied 1 year ago.

Great - the incorrect answers were likely 3 and 4. You can post the questions now but you will need to open a new page.

Expert:  FiveStarLaw replied 1 year ago.

I see that you submitted 2 sets of questions to another expert. Do you still need my assistance?
Expert:  FiveStarLaw replied 1 year ago.
I am signing off for the night Leonard. Please let me know if you need assistance tomorrow.
Customer: replied 1 year ago.


hello yes i do need your help if you are up right now.

Expert:  FiveStarLaw replied 1 year ago.
I am - you will need to start a new question page
Customer: replied 1 year ago.


i already posted them. can you see them? i dont have much long doe. i have about 30 mins.

Expert:  FiveStarLaw replied 1 year ago.
There are only 12 posted. I don't think I can answer 40 in 30 minutes but I can help. Can you upload and post the link to that page.
Customer: replied 1 year ago.


all done take your time and yes im going to pay you a bonus :)

Expert:  FiveStarLaw replied 1 year ago.

Ahh - you edited the original question. I will answer the balance of the questions

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