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QUESTION 1: Juan is the new controller for Public Company. The company is having a particularly bad year and there is a lot of shareholder pressure on the President to post stronger quarterly profits. The President comes to Juan and asks him to record some of the cash received in advance as revenue. The President argues that since the company has already received the cash it should record the revenue in the current period (the services will be performed next quarter). Juan reports directly to the President and really wants to make a good impression. What should Juan do & why? What accounting principles are involved?

Reference no: EM132549731

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