Revenue reported in the financial statements

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Reference no: EM1312403

Case Study Analysis.

What are the four criteria used to determine the amount and timing of revenue reported in the financial statements? Provide at least 2 reasons why it is important to know what revenue recognition policies are used by the organization. Identify 2 ratios that are affected by these policies.

Case Study Analysis.

Explain why a sole proprietor does NOT have limited liability. How does a sole proprietor cover his/her responsibility of paying income taxes to Canada Revenue Agency? Give one suggestion as to how a sole proprietor might plan for the business to continue should he/she wish to retire. Why might someone want to operate as a sole-proprietor?

Reference no: EM1312403

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