are needed for the hardware to work perfectly‚ it cannot be within the scope of ASC 985-605. 2.) On the basis of the response to Question 1‚ discuss the revenue recognition accounting literature that would be applied to each unit of accounting in the February 1‚ 2012‚ arrangement. Provide the cumulative revenue recognized and deferred revenue balance related to the Buffett arrangement as of April 30‚ 2012. Coconut’s February 1‚ 2012 arrangement with Buffet is within the
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Financial accountants and independent auditors commonly face challenges Abstract Financial accountants and independent auditors commonly face challenging technical and ethical dilemmas while carrying out their professional responsibilities. This case profiles an accounting and financial reporting fraud orchestrated by the chief financial officer (CFO) of a major public company and his subordinates. The CFO‚ who was a CPA‚ took extreme measures to conceal the fraud from his company’s audit
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determined that the standalone relative selling price of the training services and additional PCS were $3‚000 and $2‚000‚ respectively. At the time of execution of this agreement‚ the customer management system had been delivered and all other revenue recognition criteria related to the system were met. The training services are scheduled to begin on June 1‚ 2012. Required: 1. Is Coconut’s February 1‚ 2012‚ arrangement with Buffett within
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Case 06-12 Outsourcing Services‚ Inc. Outsourcing Services‚ Inc. (OSI)‚ a SEC registrant‚ provides a variety of EDP and payroll processing services to third parties. OSI recently has introduced a new service line to provide product help-line support services through customer service representatives (CSRs) who are employees of OSI. On January 1‚ 2004‚ OSI entered into a service contract with Company X. Pursuant to the terms of the contract‚ OSI’s CSRs will provide technical support for Company X’s
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ANALYSIS OF KENYA’S GOVERNMENT REVENUE From the analysis Taxes seem to be the major source of revenue to the government since in the year 2006/7 it accounted for 93.16% of the total revenue‚ in the year 2007/8 it accounted for 94.91% of total revenue and in the year 2008/9 it amounted 94.71%. This is a good sign since the tax revenue/total government revenue is ideally required to be above 50%. The following classes of taxes were the major sources of revenue for the government: • Taxes on income
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independent and find a job. Athletes have school and sport practice so it is hard for them to find a job that compatible with school and practice. Athletes are not being paid by people money or tax; in fact‚ the revenue they make‚ they get from it. If the athlete making millions and all the revenue goes to the university that is not fair‚ because the athlete worked too hard to earn this money. However this essay will be focusing on should athletes be paid? People don’t want athletes to be paid as
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Revenue Enhancement action plan and strategy Assignment project: Business strategy Prepared By : Ajmal Rasheady Date: 2013 Introduction Municipalities in Afghanistan are created for management of city affairs and to provide for the general welfare of their inhabitants. In spite of this huge responsibility toward city and citizens‚ municipalities are the non-budgetary units of government and are authorized to generate their own revenues. Given this fact‚ we realize that urban development
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What is meant by state recognition in international law INTRODUCTION Some definitions of “international law” can be found on the Web as follows: “The body of laws governing relations between nations”‚ “International law is the term commonly used for referring to the system of implicit and explicit agreements that bind together nation-states in adherence to recognized values and standards‚ differing from other legal systems in that it concerns nations rather than private citizens. ...”‚ “A complex
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SPEECH RECOGNITION TECHNOLOGY Final Research Project Health Care Information System 649 December 02‚ 2012 Abstract This research paper presents an overview of speech recognition technology system development and applications. My research begins with the definition of the speech recognition system and continues on to exploring its usages‚ benefits
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goals set by management. In the mid-90s a goal was set to hit revenues of $1 billion. This goal was deemed manageable based on their operating profit that they had shown over the years. As time passed‚ the goal became more difficult and the sense of urgency to claim revenue became a must. Several situations led to fines that would later be placed on the company’s executives including: Christopher Crawford [CFO‚ CPA]: Claimed revenue from a barter transaction that passed materiality by auditors
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