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Chapter 6

MGAC01H3 Chapter 6: sm06.doc


Department
Financial Accounting
Course Code
MGAC01H3
Professor
Daga
Chapter
6

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Kieso, Weygandt, Warfield, Young, Wiecek
Intermediate Accounting, Ninth Canadian Edition
0CHAPTER 6
Revenue Recognition
ASSIGNMENT CLASSIFICATION TABLE
Topics Brief
Exercises
Exercises Problems Writing
assignment
1. Economics
and legalities
of selling
transactions
1,3,4 1,4,7 5
2. Conceptual
difference
between an
earnings
approach and
a contract
based
approach
5 2,3,6,7,8 1,2,4
3. Identify and
apply revenue
recognition
principles
under the
earnings
approach
6 2,6,11, 24 1,2,4,5
4. Identify and
apply revenue
recognition
principles
under the
contract
based
approach
7 2,6,11, 24 1 1,2,4
5. Measurement
and
measurement
2,3,8,10 4,7,12 1 5
Solutions Manual 6-1
Chapter 6
Copyright © 2010 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly
prohibited.

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Kieso, Weygandt, Warfield, Young, Wiecek
Intermediate Accounting, Ninth Canadian Edition
uncertainty
6. Collection
uncertainty
9 4,5,7 1
7. Consignment
sales
11, 12 8,9
8. Percentage of
completion
method under
the earnings
and contract-
based
approaches
14,15,16,19,2
1
13,14,15,17,,18
,19,20,21,23
2,4,6,7,8,9,11 4
9. Completed
contract
method under
the earnings
and contract-
based
approaches
17,18,20,21 17,18,19,20,21,
21,23
3,5,10 4
10.Presentation
in the income
statement
22 10,11,13
11.PE GAAP
and IFRS
13.16 17 2 6
12.Impact of
accounting
choices
10, 11, 24 1,2,3,4,6,8 1,2,3,4
13.Current
trends in
standard
setting for
revenue
recognition
5, 15, 16 3, 5, 17 1,2
Solutions Manual 6-2
Chapter 6
Copyright © 2010 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly
prohibited.

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Kieso, Weygandt, Warfield, Young, Wiecek
Intermediate Accounting, Ninth Canadian Edition
ASSIGNMENT CHARACTERISTICS TABLE
Item Description
Level of
Difficulty
Time
(minutes)
E6-1 Economics of transactions – various industries Moderate 15-20
E6-2 Revenue under the earnings approach –
various industries
Moderate 15-20
E6-3 Revenue under the contract based approach –
various industries
Moderate 15-20
E6-4 Measurement and collection uncertainty Simple 10-15
E6-5 Collection uncertainty Simple 10-15
E6-6 Bill and hold. Moderate 15-20
E6-7 Customer acceptance provisions. Moderate 10-15
E6-8 Consignment calculations. Simple 15-20
E6-9 Consignment calculations. Simple 15-20
E6-10 Sales recorded with discounts. Simple 15-20
E6-11 Revenue recognition on marina sales with
discounts.
Moderate 15-20
E6-12 Bundled sales. Moderate 15-20
E6-13 Analysis of percentage-of-completion financial
statements.
Complex 15-20
E6-14 Gross profit on uncompleted-contract. Moderate 10-15
E6-15 Recognition of profit on long-term contracts
and entries.- earnings approach
Moderate 30-35
E6-16 Recognition of profit on long-term contracts
and entries.- contract based approach
Moderate 20-25
E6-17 Recognition of revenue on long-term contract
and entries. –earnings approach.
Moderate 30-35
E6-18 Recognition of revenue on long-term contract
and entries. –contract based approach.
Moderate 20-25
E6-19 Recognition of revenue on long-term contract
and entries. – overall loss earnings approach.
Moderate 30-35
E6-20 Recognition of revenue on long-term contract
and entries. – overall loss contract based
approach.
Moderate 30-35
E6-21 Recognition of profit and balance sheet
amounts for long-term contracts.
Simple 15-25
E6-22 Long-term contract reporting. Moderate 15-25
E6-23 Recognition of revenue – LT contract with
entries
Moderate 30-25
E6-24 Impact of accounting choices on financial
statement numbers
Simple 10-15
Solutions Manual 6-3
Chapter 6
Copyright © 2010 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly
prohibited.
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