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Describe techniques that management of processing solutions

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You have been assigned to the audit of Processing Solutions, Inc., a privately held corporation that develops and sells computer systems. The systems are sold under one- to five-year contracts that provide for a fixed price for licensing, delivery, and setup of the systems and maintenance and technical support for the life of the contract. Your review of the working papers reveals that premature revenue recognition is at risk that must be addressed in the audit.

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Problem 1: Describe (briefly) two techniques that management of Processing Solutions might use to overstate revenue.

Reference no: EM132811659

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