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For this assignment, read the scenario and then answer the questions provided. Revenue is recognized for accounting purposes when a performance obligation is satisfied. In some situations, revenue is recognized over time as the fair values of assets and liabilities change. In other situations, however, accountants have developed guidelines for recognizing revenue at the point of sale.
Problem 1. Explain and justify why revenue is often recognized at the time of sale.
Problem 2. Explain in what situations it would be appropriate to recognize revenue over time.
Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?
Which reporting makes Moss look better? Under what condition would the reclassification of the receivables be ethical? Unethical? Support your response.
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If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July
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