Go to the Web site for Best Buy at www.bestbuy.com. Scroll to the bottom and select “For our Investors.” Select SEC filings and the most recent 10K. Find Note 1 to the (c) below explain in your own words:
The company’s revenue recognition policies.
How the company determines what to record.
What the auditor will need to investigate or test.
Steps the auditor might use to perform the investigation of
a. Sales returns
b. Gift cards
c. Sales incentives