AICPA每日一练之FAR【2016-1-23】

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For financial statement purposes, the installment method of accounting can be used if the

A. Collection period extends over more than 12 months.

B. Percentage-of-completion method is inappropriate.

C. Ultimate amount collectible is indeterminate.

D. Installments are due in different years.

Answer:C

C is corrent. The profit on a sale in the ordinary course of business is considered to be realized at the time of the sale unless it is uncertain whether the sales price will be collected. The Board concluded that use of the installment method of accounting is not acceptable unless this uncertainty exists.

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