the financial effects of noncash transactions and events as they occur. Recognition and measurement of the accrued obligation to provide
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providing services‚ the revenue can be recognized after meeting all of these conditions. First‚ the risk and reward of ownership have been transferred to the buyer. Second‚ the seller has no effective control on the goods sold. Third‚ the amount of revenue can be measured reliably. Fourth‚ the economic benefit associated with the transaction will be transferred to the seller. Fifth‚ the cost incurred and the cost to be incurred can be measured reliably. Furthermore‚ the revenue can be recognized only
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AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise‚ and problem in Intermediate Accounting‚ 7e‚ with the following AACSB learning skills: Questions AACSB
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Voice Recognition Technologies The 20th century has been a technological marvel. We have advanced more in the 20th century than we have during any other one-hundred year term in recorded history. This is due to a number of reasons. One of which is the early conflicts of the century. World War I and World War II changed the world forever. During these global conflicts‚ countries developed advanced weapons. They also developed advanced communications and other technologies. The Internet came as
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Stanislav Ivanov HOTEL REVENUE MANAGEMENT FROM THEORY TO PRACTICE Stanislav Ivanov HOTEL REVENUE MANAGEMENT FROM THEORY TO PRACTICE student 2014 Stanislav Ivanov (2014). Hotel Revenue Management: From Theory to Practice. Varna: Zangador. Page 1 of 204 First published 2014 by Zangador Ltd. Varna‚ Bulgaria; tel: +359 52 330 964; email: office@zangador.eu This work is licensed under the Creative Commons AttributionNonCommercial-NoDerivatives 4.0 International License. To view a copy of this
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E3A‚ E4A‚ E5A‚ E9A‚ P2 SE1. Accrual Accounting Concepts 1. Assumes expenses should be assigned to the accounting period in which they are used to produce revenues Answer: (C) Accrual Accounting 2. Assumes a business will last indefinitely Answer: (B) Continuity 3. Assumes revenues are earned at a point in time Answer: (D) Revenue Recognition 4. Assumes net income that is measured for a short period of time‚ such as one quarter Answer: (A) Periodicity E1A. Applications of Accounting Concepts
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GP subtotal) 2 REVENUE 21/5/2013 Profit = Income – Expenses “Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity‚ other than those relating to contributions from equity participants” Income includes Revenue and Gains Kumail Rizvi‚ PhD‚ CFA‚ FRM 3 IASB‚ IAS NO. 18‚ REVENUE Conditions for recognizing revenue 21/5/2013
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TOPIC) Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions‚ principles‚ and constraints. 28‚ 29‚ 30 10 11 Questions 1‚ 7 2 3‚ 4‚ 5‚ 6‚ 8 9‚ 10‚ 11 12‚ 13‚ 14 15‚ 16‚ 17‚ 18 19‚ 20‚ 21‚ 22‚ 23 24 25‚ 26‚ 27
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Amway recognition in 2012 When you dedicate your business tohelping people live better lives‚ you tend to get noticed. We humbly share theseaccolades with the more than three million distributors and 21‚000 employees that comprise our global Amway family. We admire your persistent pursuit of potential. And with heartfelt thanks‚ we honor you. AUSTRALIA Major Donor Status‚ The Children’s Hospital Westmead CANADA National Strategic Partnership Award‚ Canada Workplace Health
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seller delivers a product that the customer has not yet agreed to purchase or delivers a product that does not meet the specifications of the customer’s order - Revenue should not be recognized (sale has not occurred) a. Acceptance provisions in arrangements that purport to be for trial or evaluation purposes. In these arrangements‚ revenue should not be recognized until the earlier of when acceptance occurs or the acceptance provisions lapse. b. Acceptance provisions that grant a right of return
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