How to Answer CPA exam Questions - Revenue Recognition

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The best approach to CPA exam, thank you

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Your are amaizing Alaah bless you Prof

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Thank you, So, much for your content.

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[@annaangelopoulos5630]

Great explanation!

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[@mayankjain4871]

if in the second question, if it was a specialized contract, would the revenue be recognised at 60k?

[@user-fr9jv1np1j]

In the 2nd question, it says that if the buyer cancels the contract, it must pay the seller for the work completed. Given this, why can't the seller recognize its 80% work done as revenue by the EOY? Thanks!

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[@davidsavage519]

Q2 is confusing. If DP is supposed to pay us for work completed why aren't we recognizing 80% of the revenue? Does that not mean we've completed 80% of our obligations under the contact?