When would licence revenue be recognized for a contract that allows the customer, under license, to use a manufacturing process for five years?
Answer to relevant QuestionsExplain the difference between cost deferral and revenue deferral for con-tracts that involve a warranty arrangement.Under what circumstances must-revenue be recognized over the term of the contract? Why is internal control over cash so important? What is a major component of internal control?How is a note receivable valued if it is (a) A no- interest note and (b) A low- interest note? Assume in all cases that the note had a term of two years. How would your answer change if the note had a term of two months?Vish Limited reported a cash balance of $ 36,000 in the general ledger, but the bank statement reported a balance of $ 27,900 at the end of September 20X9. You have ascertained that the bank cashed a cheque on this account, ...
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