Case 09-1: Velocity Cellular Page 1 D I S C U SS I O N M A T E R I A L S O b j e c t i v es o f t h e C a se This case gives students the opportunity to use accounting and auditing literature and professional judgment to research complex accounting issues effectively and efficiently. Specifically‚ students will be able to: Understand the application of the guidance in ASC 605-25‚ as amended by ASU 2009-13‚ to complex multiple-deliverable arrangements. Understand the application of the
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CHAPTER 1 Introduction Background of the Study Like many other hygiene convenience‚ shoe polish or can also be called boot polish is usually a wax ‚ cream or paste used by people to shine‚ water proof and restore the appearance of leather shoes. This extends the footwear’s life. This is made up of many kinds of chemicals and because of this; it can cause irritations‚ allergies to us. In our generation‚ shoe polish is used every day and companies produce a lot of it to meet the demands of consumers
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Charcoal as a Shoe Polisher Chapter I Introduction Nowadays‚ people are very concern when it comes to their appearance especially the students. They want to look nice every time they are going to their school they wear their proper uniform with their black shoes and one problem that we encounter is how to keep our shoes looking good‚ but as a student we experience problems especially in financial. So we decide to make an alternative shoe shiner or shoe polisher. Shoe polish is a waxy
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3.6 Revenue recognition with examples when goods are sold under sale or return There are cases when payments are received prior to events that trigger revenue recognition. In that case‚ cash is debited and the unearned revenue is credited. On the other hand‚ when revenue recognition is triggered before actual payment is received‚ accounts receivable is debited while revenue is credited (“Revenue Recognition Principle‚” 2013). Goods are sold under sale or return when they are “sent by the supplier
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Apollo Villapando Villapando 1 Business 166 Leah Peer 04/04/18 Test #2 1. A) Sole Proprietorship- A business organization in which one person owns and‚ often‚ operates business. General Partnership- A business organization in which two or more owners agree to share the profits of the business but are also jointly and severally liable for its debts. Limited Partnership- A business organization
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it may erode the margin on our human product‚ Hemopure. However‚ the future of Hemopure is still uncertain as it has not received final approval for sale and may not for some time‚ if at all. Oxyglobin thus represents an opportunity to generate revenues immediately that can be used to fund the company while Hemopure finishes the approval process. Further‚ lessons learned in the launch of Oxyglobin can be leveraged in the launch of Hemopure. We also feel that animal and human markets are sufficiently
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Revenue-Recognition Problems in the Communications Equipment Industry 1) In late 2000‚ Lucent announced that revenues would be adjusted downwards by $679m as a result of revenue recognition problems. Yet the firm’s market capitalization plummeted by $24.7bn. Why do you think the market reacted so negatively to Lucent’s announcements of the problems? The large drop in market capitalization is probably due to several factors. Historically‚ Lucent had successfully met analysts’ projections for
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Financial Reporting and Analysis – ACG6175 Date: 5/18/09 Revenue Recognition Problems in the Communications Equipment Industry 1 – In late 2000‚ Lucent announced that revenues would be adjusted downwards by $679 million as a result of revenue recognition problems. Yet the firms market capitalization plummeted by $24.7 billion. Why do you think the market reacted so negatively to Lucent’s announcements of the problems? There is usually a grey zone between aggressive accounting‚ which
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A PROJECT REPORT ON INTERNSHIP STUDY CONDUCTED AT APOLLO TYRES LIMITED Contents Sl.no | particulars | Page no | 1 | introduction | | 2 | | | | | | | | | | | | | | | | | | ACKNOWLEDGEMENT In successfully completing my project report‚ I am indeed indebted to a large number of people who have encouraged and helped me in a variety of ways. It’s indeed a privilege to express my gratitude to the people involved. First and foremost I am obliged to the
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Revenue Recognition Revenue is the electricity that drives business. Revenue has been the starting point on every income statement generated‚ every sales meeting conducted‚ and is on every entrepreneur’s wish list. The basic concept for revenue recognition is that revenue should not be recognized until it is realized or realizable and earned. There are also four criteria must be met in order to recognize revenue: 1) persuasive evidence of an arrangement exists: Consider the substance of the transaction
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