Industry Franchise fee revenue is recognized (with an appropriate provision for estimated uncollectible amounts) when all material services relating to the sale have been substantially performed by the franchisor. Describe the conditions that must be met to satisfy substantial performance.
Answer to relevant QuestionsRecognition Define subsequent events. When should an entity recognize subsequent events in the financial statements?The administrators of the City of Lyons have obtained approval from the City Council to centralize the computer facility as of January 1, 2012. An internal service fund is created to account for the activities of the ...Capital Projects Fund The City of Minden entered into the following transactions during the year 2013.1. A bond issue was authorized by vote to provide funds for the construction of a new municipal building, which it was ...When should an NNO record donated services in its accounting records? The Franklin Public Library received a restricted contribution of $300,000 in 2012. The donor specified that the money must be used to acquire books of poetry written in the sixteenth century. As of December 31, 2012, only ...
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