Intermediate Accounting – Assets quizzes
How businesses recognize, measure and report assets, from cash and inventory to property and intangible resources.
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From Intermediate Accounting – Assets: The Art of Pricing What You Own
A builder constructs a custom building on the customer's own land. When is revenue usually recognized?
- In full when the contract is signed
- Only once the building is complete
- Over time, as the work progresses
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Answer: Over time, as the work progresses
The customer controls the asset as it is built on its land, so revenue is recognized progressively rather than at handover.
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