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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International Journal of Business and Management February‚ 2010 Impact of Reward and Recognition on Job Satisfaction and Motivation: An Empirical Study from Pakistan Rizwan Qaiser Danish Chairman‚ Department of Business Administration University of the Punjab‚ Gujranwala Campus‚ Pakistan E-mail: rdanish2000@yahoo.co.uk Ali Usman University of the Punjab‚ Gujranwala Campus‚ Pakistan E-mail: usamaz_07@hotmail.com Abstract Human resources are the most important among all the resources an organization
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REVENUE RECOGNITION MCDONALD ’S CORPORATION INTRODUCTION McDonald’s and Burger King have been in competition for over 50 years. Similar companies can choose different revenue recognition methods that can cause them to appear different. This report’s purpose is to explain McDonald’s revenue recognition policies and methods in comparison to Burger King’s. DISCUSSION FOR ACCOUNTING POLICIES AND METHODS McDonald’s and Burger King’s revenues mainly consist of two things‚ sales and franchise fees
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A Midsummer Night’s Dream Paper The play A Midsummer Night’s Dream by William Shakespeare is a comedy that follows a short part in four young lover’s lives‚ Hermia who is in love with Lysander‚ and Helena who is in love with Demetrius. The plot thickens when Hermia is forced by her father‚ Egeus‚ to a loveless marriage with Demetrius. If Hermia chooses not to marry Demetrius‚ she would be killed‚ or forced to become a nun. Not being able to wed the women he is in love with Lysander asks Hermia
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Customers” Jade Nelson ACCT 4111-01 10/28/2014 Over the past few years‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working closely together to develop a new set of revenue recognition standards in an effort to merge the standards of FASB and IASB‚ lessen the amount of industry-specific differences in the standards‚ and make the standards more principles-based. Because revenue is very important to both internal and external users
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• Introduction of cases and main highlights of each (1 point) Case 2 demonstrated another subsystem‚ the ADE recognition subsystem‚ in the HELP system which was used in a hospital environment. This subsystem monitors patients incessantly to identify if any adverse drug events (ADE) happen. This is accomplished by examining the patient’s data which was input at the patient’s bedside. Furthermore‚ the system is on the alert for any indication of rash‚ altered respiratory rate‚ heart rate‚ hearing‚
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and FASB release revenue recognition exposure draft What is the issue? On June 24th‚ the FASB and IASB issued an exposure draft proposing a new revenue recognition model that could fundamentally alter the way entities across a variety of industries recognise revenue. The proposal is an output of the boards’ joint efforts to develop a converged revenue recognition standard based on the same principles. A key objective is to increase the consistency of revenue recognition for similar contracts‚ regardless
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Revenue Recognition & Theories of Accounting The Joint Project Revenue recognition requirements in US generally accepted accounting principles (GAAP) differ from those in International Financial Reporting Standards (IFRSs); the former consists of broad concepts whereas IFRSs contain fewer standards‚ but applying the two main standards to complex transactions were difficult and needed improvement (Australian Accounting Standards Board‚ 2010). Accordingly‚ the International Accounting Standards
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is facial recognition technology and how does it work?” since the 1990’s facial recognition technology has been used to identify criminals and missing children. The technology uses a previous picture of an individual’s face. Measurements such as the person’s nose width‚ length of their forehead‚ and width of the lips are digitally stored and the data is used to identify a person; this process is known as geometrical recognition. An alternative process called photometric recognition‚ generates
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Prime Minister Gillard established an independent Expert Panel to “to investigate how to give effect to constitutional recognition of Aboriginal and Torres Strait Islander peoples.” Two schools of thought have dominated the national conversation of how this should be achieved. One view is that an amendment to the preamble of the constitution will provide safe and symbolic recognition. The alternative view is that more substantive reform is required to secure equality before the law. On January 16
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