• What does revenue recognition mean, and what are the major concerns regarding revenue recognition that GAAP tries to address?

What is meant by sales with the right of return and how is revenue recognition for such sales best handled under GAAP?What is a consignment sale and when is it recognized by the consignor for such sales? What is the key difference in accounting for long-term contracts under the percentage-of-completion method vs. the completed-contract method?When accounting for long-term contracts under the percentage-of-completion method, what are the two main contract accounts that appear on the balance sheet, and where and how on a classified balance sheet are they reported?When accounting for long-term contracts under the percentage-of-completion method, how is the percentage-of-completion calculated in the third year of a long-term contract