Quiz 02. Lowest scores 2.776changes 2.8512allocation of transaction price 2.9713variable consideration 3.192cost of goods sold 3.219steps in revenue recognition.

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Presentation transcript:

Quiz 02

Lowest scores 2.776changes allocation of transaction price variable consideration 3.192cost of goods sold 3.219steps in revenue recognition 3.323gross profit activities in statement of cash flow

Show work for partial credit

Discontinued operations #5gains result in income tax expense a loss results in tax benefit

Don’t be too brief #9 & #10this is not a 5 point answer Contractaccepted Obligationspossession Pricelegal right Allocationrisk / reward Earnedmust pay

Old tests are not an adequate study guide Tests are not adequate to learn from You must read the book and work homework problems #14 & #15 You can shortcut the second year of a two year problem You cannot shortcut the second year of a three year problem

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