What is the justification for the following deviations from recognizing revenue at the time of sale? (a)

Question:

What is the justification for the following deviations from recognizing revenue at the time of sale?

(a) Installment sales method of recognizing revenue.

(b) Recognition of revenue at completion of production for certain agricultural products.

(c) The percentage-of-completion basis in long-term construction contracts.

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 9780471448969

11th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

See More Books

Question Posted: Jul 18, 2024 10:09 AM

See More Questions

So there were some changes in "Kieso intermediate accounting 15th edition"chapter 18 (revenue recognition). Is the test bank the same as before? If not when and what year did the update occur? Please...
What is the justification for the following deviations from recognizing revenue at the time of sale? (a) Installment sales method of recognizing revenue. (b) Recognition of revenue at completion of...
Application Applying Accounting Standards Managers must make decisions with respect to the financial reporting necessary to apply accounting standards. Consider the article ?Halliburton: Accounting...
2 3 -4 6,-12,-18 If A = (a) 0 3a 2b 24 (b) -6,4,9 and KA= then the value of k, a,b are respectively (c) -6,-4,-9. (d) -6,12,18
A certain oxide of titanium is 28.31% oxygen by mass and contains a mixture of Ti2+ and Ti3+ ions. Determine the formula of the compound and the relative numbers of Ti2+ and Ti3+ ions.
In a democracy, how should community need be determined? Do we do a good job of this in the United States? With rising economic and ecological interdependence around the globe, how can we possibly...
2. Why value maximization objective is called better than profit maximisation objective?
Selected transactions for the Joel Berges Company are presented in journal form below. Post the transactions to T-accounts. Make one T-account for each item and determine each accounts endingbalance....
I need help for number 9, letter a) ASAP, i wil give you thumbs up, please, I need help quicky!! 44.4 1. Determine the pre-determined overhead rate. 2. Determine surfboard tables to account for 3....
Jane Hull Company paid $135,000 for a machine in 2005. The Accumulated Depreciation account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The...
What is the difference between realized and realizable? Give an example of where the concept of realizable is used to recognize revenue.
Organic chemists often use enantiomerically homogeneous starting materials for the synthesis of complex molecules (see Chiral Drugs, p. 273). A novel preparation of the S enantiomer of compound B has...
The Bonggang Bonggang Bang Bang Shop makes three basic types of noisemakers; Beng, Bang, and Bong. A Beng can be made in 30 minutes and has a feather attached to it. A Bang requires 15 minutes, has...
Some companies are associated with larger-than-life founders or CEOs. Take, for example, Apple Computers and Steve Jobs or Virgin and Richard Branson. To what extent do these individuals so dominate...
Hatfield Medical Supply's stock price had been lagging its industry averages, so its board of directors brought in a new CEO, Jaiden Lee. Lee had brought in Ashley Novak, a finance MBA who had been...
If you were team leader how would you break up this assignment for 4 people to complete? Group Case Analysis Parts 4, 5, and 6 IV. STRATEGY IMPLEMENTATION. (How are you going to do what you want to...
Managers use projected financial statements in four ways: (1) By looking at projected statements, they can assess whether the firm's anticipated performance is in line with the firm's own general...
A rock is thrown from the top of a 20-m building at an angle of 53 o above the horizontal. If the horizontal range of the throw is equal to the height of the building, with what speed was the rock...
Why are stocks usually more risky than bonds?
A new restaurant is ready to open for business. It is estimated that the food cost (variable cost) will be 4% of sales, while fixed cost will be $450,000. The first years sales estimates are $6....
3. Consider the sample data in the following frequency distribution: Compute the sample standard deviation. 4. If the probability that La Tech student is left-handed is 20%, and 52% of Tech students...
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7 , 2 0 0 pounds of oysters in August. The company s flexible budget for August appears below:...

What is the justification for the following deviations from recognizing revenue at the time of sale? (a)

Question:

Step by Step Answer:

Intermediate Accounting

Students also viewed these Business questions