Explain what is meant by variable consideration. If management expects that there will be sales returns and

Question:

Explain what is meant by variable consideration. If management expects that there will be sales returns and allowances, what impact does this have on the amount of sales revenue that will be recognized?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools For Business Decision Making

ISBN: 9781119594574

8th Canadian Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley

See More Books

Question Posted: Mar 03, 2023 11:43 PM

See More Questions

Explain what is meant by this statement: One companys account receivable is another companys account payable.
Explain what is meant by goodwill on acquisition?
Explain what is meant by a regular solution.
The methyl alcohol flowing in the inner pipe of a double pipe exchanger is cooled with water flowing in the jacket. The inner pipe is made from 1-inch (25mm) schedule 40 steel pipe. The thermal...
What is the concern with the inclusion of fixed-rate mortgage loans in the collateral pool when the liabilities are floating rate?
Unpolarized light whose intensity is 1.10 W/m2 is incident on the polarizer in Figure 24.20. (a) What is the intensity of the light leaving the polarizer? (b) If the analyzer is set at an angle of =...
If the assembly fits snugly between the two supports A and C when the temperature is T 1 , determine the normal stress developed in both segments when the temperature rises to T 2 . Both segments are...
What are the differences between a performance appraisal system and a performance management system? How are the two systems related to each other? After answering these questions, consider the...
In light of your personal experience, what strategies or approaches do you believe could be effective in creating a workplace environment where employees from diverse cultural backgrounds feel both...
A person received a SAR250,000 loan from a bank at %7 for three years, which is payable in monthly installments (end of the month), on a declining basis. Required: 1. Prepare a schedule containing...
(a) Distinguish between a quantity discount and a purchase discount. (b) Explain how each kind of discount is recorded.
In Western Canada, Loblaw Companies Limited has numerous competitors in the grocery marketplace. These include The Jim Pattison Group, Canadas second-largest private company, which owns the...
Prove the identity. (sin x + cos x) 2 = 1 + sin 2x
The following information is obtained from First National Bank of Lawrenceville: One-year interest rate on certificate of deposit = 4% Expected inflation rate = 1% Based on the above information,...
You are considered investing in a security which will return cash flows to you of $5,000 in the first year, $1,200 in the second year, and $2,000 in the third year. If you are hoping to earn 6.5%,...
Harry Company sells a product at $80 per unit that has unit variable costs of $40. The company's break-even sales point in sales dollars is $240,000. How much profit will the company make if it sells...
Suppose in a match-up between Collingwood and Carlton there is an office pool with $300 bet on Collingwood and $100 bet on Carlton, with the winning bettors collecting the bets of the losing bettors,...
What proportion (percent ) of the world's population is China? Show your work. 1,455,507,(581)/(100)=18.47% We know that 14.8 million =14,800,000. Therefore, the .8 million represents 800,000 or 800...
Explain how an increase or decrease in partnership liabilities can affect the basis of a general partner and a limited partner.
Test your confidence in the following Project Decisions: SI. # Question 01 02 03 04 05 06 07 08 09 10 How many years did it take to construct the largest Egyptian Pyramid- Pyramid of Cheops? When was...
Pamela Quinn started her own consulting firm, Quinn Consulting, on May 1, 2012. The trial balance at May 31 is as shown below. In addition to those accounts listed on the trial balance, the chart of...
Maquoketa Valley Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here. Other data:1. Insurance expires at the rate...
Vedula Advertising Agency was founded by Murali Vedula in January 2007. Presented here are both the adjusted and unadjusted trial balances as of December 31, 2012. Instructions(a) Journalize the...
List and briefly explain components of the change manage project plan.
Graph and explain the bond market with the price of bonds on the vertical axis and the quantity of bonds on the horizontal axis. What is the difference between the change in the quantity of bonds...
To take advantage of increased demand, Peloton is considering a 4% increase in price and an 11% increase in advertising. If the price elasticity of demand is -1.5, and the advertising elasticity of...

Explain what is meant by variable consideration. If management expects that there will be sales returns and

Question:

Step by Step Answer:

A variable consideration is an amount that will redu...View the full answer

Financial Accounting Tools For Business Decision Making

Students also viewed these Business questions