Describe NetSuite’s products and services.

2. What are NetSuite’s sources of revenues?

3. What are NetSuite’s major expenses

4. in your own words, describe: “what is a performance obligation?” Provide citation from the codification ASC 606. What are NetSuite’s performance obligations under its contracts?
5. in your own words, explain if NetSuite’s performance obligations are “distinct.” Provide citation from the codification ASC 606.
6. Explain in your own words why it makes a difference if NetSuite’s performance obligations are “distinct
7. Should NetSuite recognize revenue at a point in time or over time? Provide justification from the codification ASC 606.
8. If NetSuite should recognize revenue at a point in time, what conditions must be met to recognize revenue? Provide citation from the codification ASC 606. Provide example journal entries to record revenue and the collection of cash.
9. if NetSuite should recognize revenue over time, how should it measure progress towards meeting its performance obligations? Provide citation from the codification ASC 606. Provide example journal entries to record revenue and the collection of cash.
10. How should NetSuite account for upfront payments from its customers? Provide citation from the codification ASC 606. Provide example journal entries.
11. How should NetSuite account for refund payments to its customers? Provide citation from the codification ASC 606. Provide example journal entries.
12. How does NetSuite account for commission payments to its salespeople? Is NetSuite accounting for commissions correctly? Provide citation from the codification. Provide example journal entries to properly account for commissions.

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