Flex Bandage Inc. manufactures surgical wraps which it distributes to hospitals and clinics around the country. Flex

Question:

Flex Bandage Inc. manufactures surgical wraps which it distributes to hospitals and clinics around the country. Flex Bandage uses primarily trade accounts when dealing with its customers and bases its valuation at year end on an and prior history of overall collections.
a. When should recognize revenue from its sales transactions?
b. If Flex Bandage is a publicly owned company what is a potential problem auditors need to consider for revenue recognition?
c. How would your answer to part b. change if FlexBandage were a privately owned company? Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Aging Schedule
Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...