Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 07, 2024

A company sold and delivered inventories to a customer in 2014 but collected the sale proceeds in 2015. According to US GAAP, the company included

A company sold and delivered inventories to a customer in 2014 but collected the sale proceeds in 2015. According to US GAAP, the company included the revenue in total revenue of 2014 rather than 2015. What do you think are the benefits of recognizing revenue when inventories were sold rather when sale proceeds are collected

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting With QuickBooks Online

Computer Accounting With QuickBooks Online

Authors: Donna Kay

2nd Edition

1260888061, 9781260888065

More Books

Students also viewed these Accounting questions

Question

★★★★★

Determine v(t) for t > 0 in the circuit of Fig. 8.87. 0.5F 0.25 H 30 60140 V (+ 20

Answered: 1 week ago

Question

★★★★★

=+18 (Examination level) Describe the cash conversion cycle and suggest ways of making it smaller.

Answered: 1 week ago

Question

★★★★★

5 Have you spontaneously used some of the principles of systemic coach-ing so far?

Answered: 1 week ago

Question

★★★★★

Many companies use a quality control technique called acceptance sampling to monitor incoming shipments of parts, raw materials, and so on. In the electronics industry, component parts are commonly...

Answered: 1 week ago

Question

★★★★★

3- Consider the size of job file is 4GB Compute the following: a. Number of blocks if the size of each block is 128MB. b. The size of each file if the job file broken into 20000 files. c. The number...

Answered: 1 week ago

Question

★★★★★

Report on the management of a natural resource biodiversity

Answered: 1 week ago

Question

★★★★★

Calculate the angle between the [1,1,1] and [0,2,1] directions in a cubic system.

Answered: 1 week ago

Question

★★★★★

2.Raw computation question. Let X and Y be two random variables with the joint density f(x, y) = 2 - - x 1 + 2y 8(e7/41) 4(e7/4 - 1) where 0 x 2 - 2 and 1 y e7/4. a) Please calculate the marginal...

Answered: 1 week ago

Question

★★★★★

What are Rare Earth Elements (REE)? 2) What products use REE? 3) What country produces the most REE? 4) Discuss the geo-political impacts of the current situation regarding REE. 5) Do you have any...

Answered: 1 week ago

Question

★★★★★

Employee ( EmpID , FName, LName, Address, DOB, Sex, SSN , DriverLisNo) EmpInf (EmpID, DivisionID, Position, HireDate, TerminationDate) EmpSal (EmpID, Position, Salary) Inventory (ProductNo, ProdName,...

Answered: 1 week ago

Question

★★★★★

Short Answer 5 Questions 15 marks Calculate the answers to the questions, make sure you input values for each textbox. Each input can have multiple entries, don't forget to include units where...

Answered: 1 week ago

Question

★★★★★

3. What are some of the issues and caveats the employer and its supervisors should follow when dealing with a visit from the Occupational Safety and Health Administration?

Answered: 1 week ago

Question

★★★★★

1 A key aspect of Lupins talent management programme is performance appraisal. What are the advantages and disadvantages of this? Lupin Limited is a pharmaceutical company headquartered in Mumbai,...

Answered: 1 week ago

Question

★★★★★

3 Design a succession plan for Lupin employees. Lupin Limited is a pharmaceutical company headquartered in Mumbai, India. Lupin produces a range of generic and branded formulations and active...

Answered: 1 week ago

Previous Question Next Question