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Why does collectability matter in revenue recognition

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Last First_Week X hwk.doc or .xls Make sure your name appears on each page of the homework using the header function. Homework questions:

1. Define the terms "realized" and "earned" as they relate to revenue recognition. Name at least 3 common criteria that are used when determining that revenue is recognizable. (SAB 104 Topic 13 p9 in the reference material section is a good source for this).

2. Find an example of revenue recognition fraud that has made news headlines (a different one than already provided in the readings). What type of revenue fraud was committed and how was it perpetrated? How was it discovered? What US GAAP guideline(s) was violated? Describe how it may have been prevented.

3. SOP 97-2 provides guidance on revenue recognition for software. An important concept in the application of this guidance is VSOE. What is VSOE and why is it important?

4. Why does collectability matter in revenue recognition?

Reference no: EM131882218

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