1. When a company's activities involve production through natural growth or aging of biological assets (plant or living animal), the company earns revenue as the plant or living animal grows. This revenue recognition procedure is referred to as
a. Completion-of-production-basis
b. Multiple-deliverable arrangements approach.
c. accretion approach
d. Cost-recovery (zero-profit) approach.
2. When a company exchanges goods for goods of another company, the exchange is recorded as revenue if the goods exchanged are
a. dissimilar in nature.
b. similar in nature.
c. similar or dissimilar in nature.
d. swapped to meet demand at various locations on a timely basis.