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Please answer following questions with 2 to 3 sentences.
(Satisfying Performance Obligations) Judy Schaeffer is getting up to speed on the new guidance on revenue recognition. She is trying to understand the revenue recognition principle as it relates to the five-step revenue recognition process.
Instructions
(a) Describe the revenue recognition principle.
(b) Briefly discuss how the revenue recognition principle relates to the definitions of assets and liabilities. What is the importance of control?
(c) Judy recalls that previous revenue recognition guidance required that revenue not be recognized unless the revenue was realized or realizable (also referred to as collectibility). Is collectibility a consideration in the recognition of revenue? Explain.
How is the relationship between the audit firm and the audit client different for: (a) the provision of statutory audit when the auditor reports to the shareholders;
A bond with face value of $1000 and semi-annual coupon rate 8% is to be redeemed at par in 6 years. Assume market yield is 10% p.a. compounded semi-annually. Determine the current market price of the bond
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adcock corp. had 500000 net income in 2007. on january 1 2007 there were 200000 shares of common stock outstanding. on
1 in 2013 company a sold inventory costing 100 to its fully-owned subsidiary company b for 150. the entire inventory
sally is a 16-year-old dependent of her parents. during 2013 sally earned 1800 working part time jobs and she received
What possible strategies could your organization adopt to address these challenges? What role could information systems play in these strategies? Use Porter strategies as a guide.
"Assume you are a senior partner in an accounting firm and must prepare a presentation for a group of recruits who aspire to become auditors with your firm. Prepare a 10- to 12-slide presentation that includes detailed speaker notes discussing eac..
Anne sold her home for 290,000 in 2010. Selling expenses were $17,400. She had purchased it in 2003 for $290,000. During the period of ownership. Anne had done the following:
last year abby loaned pat 10000 as a gesture of their friendship. although pat had signed a note payable that contained
What activities are unique to merchandise businesses? How does management account for the additional task unique to a merchandise operation
jane geddes engineering corporation purchased conveyor equipment with a list price of 10000. the vendors credit terms
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