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What is meant by the gaap terms recognition

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Reference no: EM13341125

A friend of yours who is not an accountant heard a story on the news about revenue recognition fraud and doesn't understand what that means.

Research the Internet to find a relevant article about revenue recognition fraud from an accounting publication or authoritative source regarding revenue recognition fraud.

  • Based on your research, explain what is meant by the GAAP terms recognition and earned.
  • Based on your research, explain why revenue recognition is an area of significant concern as it relates to ethical behavior of management.
  • If you were in the situation described, explain to your friend what you would have done to prevent or remedy the revenue recognition fraud.
  • Include in-text citations and references where appropriate.

In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

Reference no: EM13341125

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