Question: Overview: On April 2 0 , 2 0 2 1 , your public accounting firm s account manager for Contemporary Strategies, Inc. ( CS )

Overview: On April

20, 2021,

your public accounting firm

s account manager for Contemporary Strategies, Inc.

(

),

a new client, has asked you to prepare a memo addressing the client

s concerns about the application of revenue recognition guidance

(

Topic

606) .

The management of Contemporary Strategies has informed you that it is about to complete negotiations with Twin Tech, Inc. to install a customized monitoring system for the customer

s assembling plant. This contract will have features that are not routinely included in the contracts with its other customers.

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