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Recognition of Revenue-Theory the earning of revenue by a business enterprise is recognized for accounting purposes when the transaction is recorded. In some situations, revenue is recognized approximately as it is earned in the economic sense. In other situations, however, accountants have developed guidelines for recognizing revenue by other criteria, such as at the point of sale. (Ignore income taxes.)
(a) Explain and justify why revenue is often recognized as earned at time of sale.
(b) Explain in what situations it would be appropriate to recognize revenue as the productive activity takes place.
(c) At what times, other than those included in (a) and (b) above, may it be appropriate to recognize revenue? Explain.
Calculate the maintenance cost that would be budgeted for the month of May in which 5,700 machine hours are planned to be used.
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mr. james k. silber an avid international investor just sold a share of rhone-poulenc a french firm for ff50. the share
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In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.
Apply the lower-of-cost-or-market rule to the valuation of inventory.
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on january 1 durkin limited issues 9 20 year bonds payable with a maturity value of 70000. the bonds sell at 97 and pay
Which one is not a technique of earnings management?
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