The cost recovery method of revenue recognition is often used for certain precious metals and agricultural products that are supported by government price guarantees.
T/F. 3. Costs of collection, bad debt losses from uncollectible receivables, and possible product warranty costs are examples of expenses that are directly related to revenues for the period.
____ 15. Which of the following items is reported only in current and future periods?
a. Prior period adjustment
b. Change in estimate
c. Change in accounting principle
d. Effects of changing prices
____ 17. Which of the following is not a component of comprehensive income?
a. Foreign currency translation adjustment.
b. Unrealized gains and losses on trading securities.
c. Deferred gains and losses on derivative financial instruments.
d. Change in the minimum pension liability.
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