When the total consideration for a contract with multiple embedded obligations reflects a discount, the best way to assign that discount is to:

Under the completed contract revenue recognition method per US GAAP, a company would recognize recorded progress billings:

Equipment is bought by ABC Company for $550,000 on January 1, Year 1. After 3 years, $270,000 worth of depreciation has been recorded. At that time the asset has a fair market value of $310,000 and it is exchanged for a similar asset with a fair market value of $300,000. ABC also receives $10,000 in the exchange. What amount of gain should ABC realize as a result of this transaction?

A company sends 14,000 units of its product to a customer on December 27, Year 3. The buyer has the right to return any merchandise within 90 days for a full refund. Which of the following would require the company to recognize the sale of goods in Year 4 rather than Year 3?

The Martino Corporation, in attempt to raise revenues, begins selling goods with an automatic right to return within six months if not completely satisfied. On November 1, $35,000 worth of goods with a cost of $22,000 are sold. Company officials expect that 15% of the goods sold will be returned before the expiration date in the following year. How much gross profit should be recognized on this sale in the current year?

Bloom’s Gift Shop, a retail store, sold gift certificates that are redeemable in merchandise. On October 1, Year 2, a customer buys $1,000 of gift certificates from Bloom’s Gift Shop. The gift certificates expire 1 year after the date of purchase. Which of the following is correct?

Which expression best describes accrual basis revenue recognition?