Assuming that the US GAAP is adopted, describe the methods of recognizing revenue when there is significant

Fantastic news! We've Found the answer you've been seeking!

Question:

Assuming that the US GAAP is adopted, describe the methods of recognizing revenue when there is significant uncertainty in cash collectability for installment sales (whenever it is possible, support your answer with empirical illustrations).

Related Book For answer-question

Financial Reporting and Analysis Using Financial Accounting Information

ISBN: 978-1439080603

12th Edition

Authors: Charles H Gibson

See More Books

Posted Date: May 13, 2022 04:01 AM

See More Questions

There are other acceptable methods of recognizing revenue when the point of sale is not acceptable. List and discuss the other methods reviewed in this chapter, and indicate when they can be used.
Does IP practice enlightened marketing? Support your answer with as many examples as possible. What image comes to mind when you hear the words industrial corporation? Pollution-belching smoke...
Where appropriate, support your answer with legislative and judicial authority. Katie owns a retail store (as a sole trader) that repairs smartphones and laptops. To save costs, Katie often uses...
Give the domain of each rational function using (a) Set-builder notation (b) Interval notation f(x) 2x - 3x + 4 3x + 8 -8
An article in The Wall Street Journal discusses a trend among some large U.S. corporations to base the compensation of outside members of their boards of directors partly on the performance of the...
A diffraction grating with a width of 2.1 cm contains 1050 lines/cm across that width. For an incident wavelength of 610 nm, what is the smallest wavelength difference this grating can resolve in the...
How would you explain the quantum mechanics concept of superposition to a friend?
You are given the following situations: 1. Thomas Petry owes a debt of $7,000 from the purchase of a boat. The debt bears interest of 12% payable annually. Petry will pay the debt and interest in...
Describe the five characteristics of effective team members according to Patrick Lencioni. What are some ways that we discussed in class to developing an effective team?
A company wants to locate a distribution center that will serve six of its major customers in a 30 30 mi area. The locations of the customers relative to the southwest corner of the area are given...
Determine Q = 37nc at (1,3,0) at (0, 0, 2) Q = 7onc 2 the force force exerted = ^ x + 3y 23 on to charge Q by charge Q
How does the hydrodynamic boundary layer thickness depend upon the Reynolds number?
The hydrodynamic boundary layer equations consist of one momentum equation and the continuity equation. How does one solve for the pressure?
Effect of Organic Potatoes after 11 Days After 11 days, the proportion of fruit flies eating organic potatoes still alive is 0.68 , while the proportion still alive eating conventional potatoes is...
What are the critical Reynolds numbers for the transition from laminar to turbulent flow on a flat plate and within a tube?
The universal velocity profile splits the turbulent boundary layer into three distinct regions. What are they?
Changing population demographics and changing attitudes toward diversity have considerably increased diversity in many organizations, yet discrimination, inequality, and exclusion persist. Therefore,...
Discuss the concept of the looking-glass self. how do you think others perceive you? do you think most people perceive you correctly?
LIFO reserves: Rhodes Company Reported year for analysis, 2009 2009 Net income as reported .......$ 90,200,000 2009 Inventory reserve ..........50,000,000 2008 Inventory reserve ..........46,000,000...
Commercial loan officers regard profitability financial ratios as very significant. Comment.
Which standard of measure is the best for measuring financial transactions?
Derive the equations of motion, using Newton's second law of motion, for each of the systems shown in Figs. 6.22. M, cos wt G 15 G3 13 ka 03 4 kn 12 G k3 16 G6 G Number of teeth on gear G, n, (i = 1...
Derive the equations of motion, using Newton's second law of motion, for each of the systems shown in Figs. 6.21. Pulley, mass M, mass moment of inertia Jo 3r 3m T x(1) F(t) 2k 000 T x2(1) m T X3(1)...
A simplified vibration analysis of an airplane considers bounce and pitch motions (Fig. 6.24(a)). For this, a model consisting of a rigid bar (corresponding to the body of the airplane) supported on...

Assuming that the US GAAP is adopted, describe the methods of recognizing revenue when there is significant

Question:

Expert Answer:

Ans If collectability from a customer is assured then revenue recognition can be flipped on and reco... View the full answer

Financial Reporting and Analysis Using Financial Accounting Information

Students also viewed these accounting questions