Integrated Financial Accounting and Reporting (FAR) Final Examination

Which is incorrect concerning recognition of revenue from rendering of services?

Installation fees are recognized over the period of installation by reference to the stage of completion.

Magazine subscriptions usually are recognized on a straight line basis over the subscription period.

Admission fees for a musical concert are recognized when received regardless of when the event takes place.

Tuition fees are recognized as revenue over the period in which tuition is provided.

Which of the following statements regarding a trial balance is incorrect?

A trial balance is a test of the equality of the debit and credit balances in the ledger.

A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date.

A trial balance proves that no errors of any kind have been made in the accounts during the accounting period.

A trial balance helps to localize errors within an identifiable time period.

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