92. Indicate when each of the following businesses should recognize revenue by writing one or more of the following after it: i) on signing contract, ii) when production is complete, iii) on delivery,...

92. Indicate when each of the following businesses should recognize revenue by writing one or more of the following after it: i) on signing contract, ii) when production is complete, iii) on delivery, iv) gradually as goods and services are provided v) after payment. vi) at a later date


A) Fitness club receives member-ship dues in advance
B) Electronics store offering lay-away plan to low income customers
C) Grocery store
D) Christmas tree farm. It takes on average 7 years to grow a tree.
E) Builder building a town-house development for a real estate developer.
F) Sports equipment store offering $50 gift cards for $40 as a weekend promotion
G) Real estate mogul who sells large tracts of land.
H) A diamond mining company

93. Identify and briefly explain three factors that limit a manager's accounting choices.

94. Dan Thompson, President of Thompson Fabricating Incorporated, is planning to retire in three years' time. He and his immediate family are the only shareholders of the company. They have successfully operated the business for 30 years with only a bank loan as additional financing. No family member wants to operate the business after Dan's retirement, so he hopes to sell the company at that time.


Required:


A) Identify the likely financial reporting objective(s) that Thompson Fabricating was using over the past 30 years.
B) Is it likely that the objectives you identified in part A) may change now that the company is planning to be sold? As a potential buyer what would you want to be aware of?