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CA Inter Revenue Recognition (AS 9) — practice questions — page 2

Explore 53 free Revenue Recognition (AS 9) questions in CA Inter Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Revenue Recognition (AS 9) questions and exercises with answers

Showing questions 31–53 of 53.

Deducting excise duty from gross turnover gives what?Read the answer and worked solution →Besides transfer of property or risks, goods sale performance needs what?Read the answer and worked solution →On a sale of goods, the seller must retain no effective what?Read the answer and worked solution →Service performance is measured under which methods?Read the answer and worked solution →Royalty revenue is recognised on which basis under the main principles?Read the answer and worked solution →Which extra disclosure does AS 9 require beyond AS 1?Read the answer and worked solution →Delivery is delayed at buyer's request and buyer accepts billing. When is revenue booked?Read the answer and worked solution →A factory-tested television needing only plugging in may be booked as a sale when?Read the answer and worked solution →Retail sales with a money back guarantee: the sale is recognised with what?Read the answer and worked solution →On consignment sales, revenue waits until goods are what?Read the answer and worked solution →On cash on delivery sales, revenue waits until what happens?Read the answer and worked solution →Sale with concurrent repurchase, in substance financing: the cash inflow is what?Read the answer and worked solution →Goods sold to dealers for resale are booked as revenue when?Read the answer and worked solution →A publisher gets Rs 2,400 for 12 monthly issues of equal value. Revenue after 3 months?Read the answer and worked solution →An instalment sale has cash price Rs 50,000 plus Rs 6,000 interest. Revenue at sale date?Read the answer and worked solution →Interest on an instalment sale is recognised in proportion to what?Read the answer and worked solution →Trade discounts and volume rebates given are treated how?Read the answer and worked solution →Trade discounts received are not revenue because they are what?Read the answer and worked solution →Fees for a season ticket to many events are allocated how?Read the answer and worked solution →Fees of Rs 36,000 cover a 9-month course. Revenue for 3 months is what?Read the answer and worked solution →Membership fee giving only membership, with a separate annual subscription, is booked when?Read the answer and worked solution →A consignor sends 100 units at Rs 500; the consignee sold 60. Consignor's revenue?Read the answer and worked solution →Sales of Rs 1,00,000 carry a 2% volume rebate given. Revenue is what?Read the answer and worked solution →

Worked practice questions

Deducting excise duty from gross turnover gives what?

  1. Operating cost
  2. Gross profit
  3. Net turnover
  4. Net profit
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Correct answer: C. Net turnover

Turnover (Gross) less excise duty gives Turnover (Net) on the face of the statement of profit and loss.

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Besides transfer of property or risks, goods sale performance needs what?

  1. Full cash receipt
  2. No price uncertainty
  3. A bond from buyer
  4. Insurance of goods
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Correct answer: B. No price uncertainty

The second condition is that no significant uncertainty exists regarding the amount of consideration from the sale.

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On a sale of goods, the seller must retain no effective what?

  1. Control of goods sold
  2. Ownership of vehicle
  3. Claim on buyer accounts
  4. Access to buyer premises
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Correct answer: A. Control of goods sold

The seller must retain no effective control of the goods transferred to a degree usually associated with ownership.

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