A: The primary criteria the auditor should use in determining revenue to be recognized are: (1): persuasive evidence of an arrangement exists. (2): Delivery has occurred or services have been rendered. (3): The seller’s price to the buyer is fixed or determinable. (4): Collectability is reasonably assured. The most basic principle for revenue recognition is revenue has been realized or realizable and earned. B: (1) a: Multiple deliverable. Does the software and one year internet service has
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should not be changed year to year. The company should apply for changing the accounting method by giving some reasonable reasons. After permitted‚ the company can change the method. But it should be indicated. Second‚ if the company uses LIFO for tax purposes‚ it must also use LIFO for financial statement purposes. So no indication of this switch appears in the financial statements is not correct. In addition‚ IFRS does not allow LIFO. So it is better to keep FIFO method. An old truck was traded
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Revenue Cycle Education Improvement Strategies Presented by: Colleen Malmgren‚ MS‚ RHIA Fairview Health Services cmalmgrl @fairview.org Definition of Revenue Cycle All administrative and clinical functions that contribute to the capture‚ management and collection of patient service revenue *HFMA Scheduling/Registration Health Info Mgmt Case Management Pt Financial Srvcs Charge Capture Revenue Audit Chargemaster Establish Performance Indicators Establish measures that go beyond Accounts receivable
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What Is Revenue Management? The science and expertise of forecasting immediate consumer demand at the micro-market stage when optimizing cost and accessibility of your goods is called as revenue Management. The implementation of RM philosophy is indefinite‚ and has the prospective to yield remarkable stages of revenue. Enterprises that have used RM procedures have seen profits rising greatly by 7 percent exclusive of incorporating considerable sum of capital overheads‚ providing outcome in a revenue
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Laurent Bailey ACC 501 Module 1 Case May 9‚ 2015 Mr. Dixit To: Serious Reader Company From: Laurent Bailey‚ Sr. Accountant Date: May 4‚ 2015 Subject: Quarterly Review Serious Reader Company‚ I’ve attached our completed income statement to this email‚ but I also wanted to quickly discuss the outcome your results. Overall Result Over the past year you have sold 4300 books‚ which look great on the surface. However you have experienced a severe profit loss. From the
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The government’s main changes to fiscal or economic policy often tend to affect my life directly. The policy that has the greatest consequence to me personally is the tax policy. For instance‚ when the government makes changes to the payroll and income tax‚ this directly affects my purchasing power and quality of life (Kraft and Furlong‚ 2015). This reality is very real for me as each paycheck I cringe at how much is taken out my check for social programs such as Social Security or Medicaid. Kraft
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dollars) Total Revenue Marginal Revenue Total Cost Marginal Cost Profit (or loss) 0 42 0 35 1 41 41 68 2 40 80 94 3 39 117 107 4 38 152 114 5 37 185 129 6 36 216 180 7 35 245 235 8 34 272 296 Step Two: Determine a product market (a specific good or service) appropriate to the prices listed. This will be the title of your graph and data table. You will be creating a graph on Step Four. Step Three: Calculate the marginal revenue‚ marginal cost
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BERGERAC CASE STUDY Summary The purpose of this report is to analyze the opportunity to produce plastic components for cartridge production and choose the best alternative. It is predicted that the annual demand growth is a triangular distribution with a minimum of 5%‚ most likely of 17% and a maximum of 25%. Due to the continuous growth in the demand‚ the alternatives cannot be compared using just the data for 2010. An analysis is carried out for the time period 2011 to 2015 and the present worth
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your own words‚ define "revenues." Explain how revenues are different from "gains." b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition criteria outline in the FASB’s Statement of Concepts No. 5. c. Refer to the Revenue Recognition discussion in Note 1. In general‚ when does Apple recognize revenue? Explain Apple’s four revenue recognition criteria. Do
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civilization imposition of tax within the framework of logical structure is utmost necessary. Revenue raised is utilised for meeting the expenses of government as well as to carry out developmental works. In this context the felicitous version of Justice Holmes is worth–mentioning - “Taxes are what we pay for civilized society. I like to pay taxes. With them I buy civilization”. In India too‚ attempts are being incessantly made to formulate a simplified and rational tax structure although the effectiveness
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