Business, 22.10.2019 23:50 kennyjortiz

Gaap revenue recognition standards are based on broad principles rather than bright-line rules. this creates a certain amount of latitude in determining when revenue is earned. assume a company that normally required acceptance by its customers prior to recording revenue as earned, delivers a product to a customer near the end of the quarter. the company believes customer acceptance is assured but cannot obtain it prior to quarter-end. recording the revenue would assure "making its numbers" for the quarter. although formal acceptance is not obtained, the salesperson records the sale, fully intending to obtain written acceptance as soon as possible. a. what are the revenue recognition requirements in this case? b. what are the ethical issues relating to this sale? c. assume you are on the board of directors of this company. what safeguards can you put in place to ensure the company’s revenue recognition policy is followed?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 09:50

The returns on the common stock of maynard cosmetic specialties are quite cyclical. in a boom economy, the stock is expected to return 22 percent in comparison to 9 percent in a normal economy and a negative 14 percent in a recessionary period. the probability of a recession is 35 percent while the probability of a boom is 10 percent. what is the standard deviation of the returns on this stock?

Answers: 2

Answer

Business, 22.06.2019 14:50

The following information is needed to reconcile the cash balance for gourmet catering services. * a deposit of $5,600 is in transit. * outstanding checks total $1,000. * the book balance is $6,400 at february 28, 2019. * the bookkeeper recorded a $1,800 check as $17,200 in payment of the current month's rent. * the bank balance at february 28, 2019 was $17,410. * a deposit of $400 was credited by the bank for $4,000. * a customer's check for $3,300 was returned for nonsufficient funds. * the bank service charge is $90. what was the adjusted book balance?

Answers: 1

Answer

Business, 22.06.2019 19:40

Adistinguishing feature of ecological economics is the concept of cost-benefit analysis steady-state economies that, like natural systems, neither grow nor shrink environmental damage and also environmental benefits are external greenwashing to increase public acceptance of products the only healthy economy is one that is growing

Answers: 1

Answer

Business, 22.06.2019 22:00

Brody corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. beginning inventory for january consisted of 1,050 units that were 65% completed. 10,900 units were started into the process during january. on january 31, the inventory consisted of 500 units that were 50% completed. what would be the equivalent units for direct materials cost using the weighted average method?

Answers: 2

Answer

You know the right answer?

Gaap revenue recognition standards are based on broad principles rather than bright-line rules. this...

Questions