at point of sale. 3. Apply the percentage-of-completion method for long-term contracts. 4. Apply the completed-contract method for long-term contracts. 5. Identify the proper accounting for losses on long-term contracts. 6. Describe the installment method of accounting. 7. Explain the cost recovery method of accounting. *8. Explain revenue recognition for franchises. *9. Compare the accounting procedures related to revenue recognition under GAAP and IFRS. CHAPTER REVIEW 1. One of the
Premium Generally Accepted Accounting Principles Revenue Balance sheet
six sequels. Having earned over 3.5 billion of the worldwide box office as of April 2015. The Fast and the Furious has become Universals biggest franchise of all time and my favorite action movie of all time. They get better and better. The first installment of the series‚ released in 2001‚ is titled The Fast and the Furious and was directed by Rob Cohen. The main character cast includes Vin Diesel‚ as Dominic Toretto‚ the late Paul Walker‚ as Brian O’Conner‚ Michelle Rodriguez as Leticia “Letty” Ortiz
Premium The Fast and the Furious Vin Diesel
Problem 1: You are the Senior Accountant for the Patty Corporation which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on their operations. | | | | Pat’s Electronics Division | | | | | Pat’s Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to
Premium Generally Accepted Accounting Principles Revenue
Chapter 16 Working Capital Management Learning Objectives After reading this chapter‚ students should be able to: ◆ Define basic working capital terminology. ◆ Calculate the inventory conversion period‚ the receivables collection period‚ and the payables deferral period to determine the cash conversion cycle. ◆ Distinguish among relaxed‚ restricted‚ and moderate current asset investment policies‚ and explain the effect of each on risk and expected return. ◆ Identify
Premium Balance sheet Inventory Interest
Instructions: Please answer all questions Q1.a. Kashif Naeem needs $50‚450 at the end of six years‚ and his only investment outlet is a 10 percent long-term certificate of deposit (compounded annually). With the certificate of deposit‚ he makes an initial investment at the beginning of the first year. (Q2) i. What single payment could be made at the beginning of the first year to help Kashif achieve this objective? (4) ii. What amount could Kashif pay at the end of each year annually for
Premium Balance sheet Interest Compound interest
A survey among students (both before and after) and parents about their preferred educational loan provider‚ and reasons thereof. A comparative study of features and procedures of education loans of SBI and its main competitor in the city Acknowledgement * I would like to acknowledge the Opportunity provided to me by SBI to undertake this project. Through this project I got to knew many ground realities of the market. Table of Content | Content | Page No. | 1. | Executive
Premium Debt Higher education
Annuities Practice Problems Prepared by Pamela Peterson Drake 0. 0. Congrats! You just won the $64 million Florida lottery. Now the Surely Company is offering you $30 million in exchange for the 20 installments on your winnings. If your opportunity cost of funds is 8%‚ should you agree to this deal? 0. Given: CF = $64‚000‚000 / 20 = $3‚200‚000 N = 20 i = 8% Annuity due PV = $33‚931‚517.44 No: the annuity is worth almost $34 million to you‚ but Surely is offering only $30.
Premium Future Time Money
INTRODUCTION Financial Services basically mean all those kinds of services provided in financial terms where the essential commodity is money. These services include: leasing‚ hire purchase‚ consumer credit‚ investment banking‚ commercial banking‚ venture capital‚ insurance‚ credit rating‚ bill discounting‚ and mutual funds ‚ stock broking‚ housing finance‚ vehicle finance‚ mortgages and car loans‚ factoring among other things. Various entities that provide these services are
Premium Lease Leasing Finance lease
Final Examination – Anderson Princiles 1. Airspace above a parcel of land is: (a) real property (b) personal property (c) an encumbrance (d) a fixture 2. All of the following are real property except: (a) fruit trees (b) chattels (c) stock in a mutual water company (d) built-in stove 3. In a dispute over fixtures‚ courts tend to favor: (a) sellers over buyers (b) landlords over tenants (c) lenders over borrowers
Premium Real estate
MEGA FOOD PARKS SCHEME (MFPS) GUIDELINES 1. Background and Objectives of the Scheme a.Based on extensive feedback and consultations with various stakeholders the earlier Scheme of Food Parks under the 10th Five Year Plan has been revised and reformulated as Mega Food Parks Scheme (MFPS) for the 11th Five Year Plan period. b. MFPS is expected to facilitate the achievement of the Vision 2015 of Ministry of Food Processing Industries to raise the processing of perishables in the country
Premium Project management Project Infrastructure