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Diagram the process of revenue recognition. Start with the process. What starts the process? Think through from the business perspective what happens when you purchase
- Diagram the process of revenue recognition.
- Start with the process.
- What starts the process?
- Think through from the business perspective what happens when you purchase a good or service?
- What are the journal entries?
- What are the accounts?
- What happens to the accounts?
- What's the impact on the financial statements?
- Which financial statements?
The guidance above should get you started.This is an exercise in bothanalysisandconstruction.Take apart the knowledge you have of a basic sales transaction and then put it back together into a meaningful diagram which will guide the text of your paper.
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