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Explain how moviesplus would account for its revenue

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Question - Let's say for instance, MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. The owner of MoviesPlus, Bob Colbert, has heard about GAAP, but he does not see any reason to follow these accounting principles. Although MoviesPlus is not publicly traded, Bob does put the company's financial statements on the company's Web page for customers to see. Explain how MoviesPlus would account for its revenue if it did follow GAAP. Should MoviesPlus use GAAP? Explain.

Reference no: EM132350867

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