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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the realization concept state?
💡 Hint: Think about the timing of delivery versus payment.
Question 2
Easy
True or False: Revenue is recognized when payment is received.
💡 Hint: Consider what needs to happen for revenue recognition according to the realization concept.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
When should revenue be recognized according to the realization concept?
- When payment is received
- When goods are delivered
- When the invoice is issued
💡 Hint: Think of when the transaction is truly completed.
Question 2
True or False: The realization concept is essential for accurate financial reporting.
- True
- False
💡 Hint: Consider the accuracy of financial statements.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A software company delivers a software license to a customer but realizes that the client has a 30-day return policy. When should the revenue be recorded?
💡 Hint: Focus on the delivery aspect of revenue recognition.
Question 2
A consulting firm completes a project in October but does not send an invoice until November. When does the revenue recognition occur?
💡 Hint: Remember, it's about when the service is performed, not invoiced.
Challenge and get performance evaluation