Under what conditions may a seller who is exposed to continued risks of a high rate of
Question:
Under what conditions may a seller who is exposed to continued risks of a high rate of return of the product sold recognize sales transactions as current revenue?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (19 reviews)
GAAP requires that such sales transactions not be recognized as current revenue ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Barnaby Inc. is exposed to continued risks of a high rate of return of its products sold. Under what conditions may Barnaby recognize sales transactions as current revenue?
-
Under what conditions may a firm adopt an extender strategy?
-
Under what conditions may a firm assume a defender strategy?
-
The following is a symbolic microprogram for an instruction in the computer defined in Sec. 7-3. a. Specify the operation performed when the instruction is executed. b. Convert the four...
-
Bubble Tea's accounts at December 31, 2014, included these unadjusted balances: Inventory........................................................ $ 8,800 Cost of Goods Sold...
-
In the previous problem, what would the ROE on the investment have to be if we wanted the price after the offering to be $71 per share? Assume the PE ratio remains constant. What is the NPV of this...
-
Discuss in what ways the rights and responsibilities of patients and employees are alike.
-
Currently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is...
-
After taking a look at Fisher-Price's website, choose two effective and two ineffective KPIs for this company that would be aligned with the sales and marketing goals. For all the KPIs, you are to...
-
Hotel XYZ is an independent city centre hotel property with 200 rooms. In general its Average Daily rate is approximately 100 throughout the year, and its runs at an average of 65% occupancy. Its...
-
What are the three alternative accounting methods available to a seller that is exposed to continued risks of ownership through return of the product?
-
What are the two basic methods of accounting for long-term construction contracts? Indicate the circumstances that determine when one or the other of these methods should be used.
-
Given the Transfer Function model of a first-order system as \[G(s)=\frac{a}{s+a},\] (a) Calculate the time constant, settling time, rise time and pole location for the three first-order systems...
-
Westdale Burgers purchased a van for $18000 which is subject to a CCA rate of 20%. The company pays a corporate tax rate of 30%. The van is sold for $16000 at the end of the second year. What is the...
-
Given the following indicators of a project: CV < 0 and SPI > 1. What is the status of the project? On schedule and above cost Behind schedule and above cost On schedule and below cost Behind...
-
In which of the following types of contract most of the fees are established solely on the buyer's subjective determination of the seller's performance? Cost-reimbursable contract plus fees with...
-
Errors Error of Omission Error of Commission Error of principle Compensating Errors was made Transaction is totally omitted Wrong account Wrong class of account Complete reversal of Entries Cancelled...
-
The Annual Treasury Yields for the next 10 years are as follows: Year 1 5.41 2 5.04 3 4.8 4 4.72 5 4.65 6 4.65 7 4.66 8 4.64 9 4.63 10 4.63 a. What is the cost of defeasance for your mortgage? b....
-
At December 31, 2015, Ashley Co. has outstanding purchase commitments for purchase of 150,000 gallons, at 6.20 per gallon, of a raw material to be used in its manufacturing process. The company...
-
In what ways does a well-designed enterprise search software vary from popular search engines (e.g., Bing, DuckDuckGo, and Google)?
-
Methane is compressed from 1 bar and 290 K to 10 bar. If the isentropic efficiency is 0.85, calculate the energy required to compress 10,000 kg/h. Estimate the exit gas temperature.
-
The financial statements of P&G are presented in Appendix 5B or can be accessed at the books companion website, www.wiley.com/college/kieso. Instructions Refer to P&Gs financial statements and the...
-
The professional simulation for this chapter asks you to address questions related to the balancesheet. KWW Professional Simulation Balance Sheet Time Remaining 3 hours 10 minutes Lhaplie Sple Horiz...
-
Where can authoritative IFRS guidance be found related to the statement of financial position (balance sheet) and the statement of cash flows?
-
What are some issues that could come up during the research and development stage of a new product that would be a reason to delay it's launch or give up on the idea completely?
-
2) [25 pnts] The manager of the marketing department of Supersale Groceries believes that the male customers are buying in larger quantities compared to the female customers. Also the manager thinks...
-
1) A fully loaded Boeing 747 with all engines at full thrust accelerates at 2.6 m/s. Its minimum takeoff speed is 70 m/s. Here, suffices i and f represent the initial and final points for the...
Study smarter with the SolutionInn App