Questions from Intermediate Accounting

Q: Describe the critical factor in evaluating whether a performance obligation is satisfied

Describe the critical factor in evaluating whether a performance obligation is satisfied.

Q: Stengel Co. enters into a 3-year contract to perform

Stengel Co. enters into a 3-year contract to perform maintenance service for Laplante Inc. Laplante promises to pay $100,000 at the beginning of each year (the standalone selling price of the service...

Q: When is revenue recognized in the following situations? a.

When is revenue recognized in the following situations? a. Revenue from selling products, b. revenue from services performed, c. revenue from permitting others to use company assets, and d. revenu...

Q: Explain the importance of a contract in the revenue recognition process.

Explain the importance of a contract in the revenue recognition process.

Q: On July 1, 2017, Roberts Corporation issued $3,

On July 1, 2017, Roberts Corporation issued $3,000,000 of 9% bonds payable in 20 years. The bonds include detachable warrants giving the bondholder the right to purchase for $30 one share of $1 par va...

Q: What is a performance obligation? Under what conditions does a performance

What is a performance obligation? Under what conditions does a performance obligation exist?

Q: Indicate how unrealized holding gains and losses should be reported for debt

Indicate how unrealized holding gains and losses should be reported for debt investments classified as trading, available-for-sale, and held-to-maturity.

Q: When must multiple performance obligations in a revenue arrangement be accounted for

When must multiple performance obligations in a revenue arrangement be accounted for separately?

Q: What is the transaction price? What additional factors related to the

What is the transaction price? What additional factors related to the transaction price must be considered in determining the transaction price?

Q: What are some examples of variable consideration? What are the two

What are some examples of variable consideration? What are the two approaches for estimating variable consideration?