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A friend of yours who is not an accountant heard a story on the news about revenue recognition fraud and doesn't understand what that means.Research the Internet to find a relevant article about revenue recognition fraud from an accounting publication or authoritative source regarding revenue recognition fraud.
• Based on your research, explain what is meant by the GAAP terms recognition and earned.• Based on your research, explain why revenue recognition is an area of significant concern as it relates to ethical behavior of management.• If you were in the situation described, explain to your friend what you would have done to prevent or remedy the revenue recognition fraud.• Include in-text citations and references where appropriate.
• Understand the concepts of income, explain the conceptual guidelines for reporting income, and define the elements of an income statement.
• Discuss the impact of technology on business and effective communication techniques and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
• Understand capital markets and decision making, explain what is included in financial reporting, and discuss generally accepted accounting principles (GAAP) and the sources of GAAP.
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Illustrate what are some of the risks of the interviewer basing their decisions on these interpretations? How can the interviewer minimize or avoid these risks?"
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