Omobolanle (Ore) Ogunkanmi Recognition of Deaf People The website deafpeople.com promotes the people active in the deaf community and those who make deaf history. The people recognized do not have to be completely deaf. Hearing people are also recognized which is good because it encourages people to do good deeds for the promotion of deaf history. The website has a brief summary and highlights current day issues of the deaf community but most importantly‚ it has six different categories that focuses
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recognize revenue at the point of sale based upon the time of shipment because the books are sold f.o.b. shipping point. Because of the return policy one might argue in favor of the cash collection basis. Because the returns can be estimated‚ one could argue for shipping point less estimated returns. (b) Based on the available information and lack of any information indicating that any of the criteria in FASB Statement No. 48 were not met‚ the correct treatment is to report revenue at the time
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advantages management will no longer be able to decide that an outflow of assets is a loss and omit it from the determination of operating profit. 1.1. Changes in assets and liabilities Expenses are related to the value aspect of assets and liabilities. Revenues and expense come about because of events increase in the value of liabilities or decrease in the value of assets. We can say the expenses appears from the changes in asset if there is a transaction that decrease an asset or cause the outflow from
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record revenues of $250 as they are the merchants to the transaction and $200 (80% of transaction value) as their cost of goods sold. 2. Alternatively‚ the company can net off the effect and show $50 (20% of transaction value) as their commission revenue. 3. If I were the CFO‚ I would recommend to opt for the first method of revenue recognition because it would show better sales figures. But the second method would be in-line with the conservatism principle of revenue recognition as the
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document imaging products‚ services and supplies in the United States and 130 other countries. In 2000‚ Xerox employed approximately 92‚500 people worldwide‚ 50‚000 of them in the United States. For the year ended December 31‚ 2000‚ Xerox reported total revenues of $18.7 billion and a net loss of $273 million. In order to see if fraud had occurred‚ a fraud examiner would have to gain an understanding of management and what factors motivate them. This area is just as important as understanding the financial
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SIXTH SENSE TECHNOLOGY 1.INTRODUCTION Although miniaturized versions of computers help us to connect to the digital world even while we are travelling there aren’t any device as of now which gives a direct link between the digital world and our physical interaction with the real world. Usually the information’s are stored traditionally on a paper or a digital storage device. Sixth sense technology helps to bridge this gap between tangible and non-tangible
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Financial Reporting Quality These areas include • accounting choices‚ estimates‚ and judgments • changes in accounting methods and assumptions • discretionary expenditures • nonrecurring transactions • nonoperating gains and losses • revenue and expense recognitions that do not match cash flow 5-4 A Guide to Earnings and Financial Reporting Quality The financial statement analyst should • consider the qualitative as well as the quantitative components of earnings for an accounting period • develop
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GAAP / IFRS Fiat Group’s first-time adoption of IFRS Differences Between Key Accounting Methods Under Italian GAAP And IFRS What characterizes the differences between the two sets of methods? - Substance over form Example: Recognition of revenue - Less flexibility Example: Recognition of R&D cost - More transparent Main factors that affect management’s reporting incentives and strategy in fiscal year 2005 - Research & Development: Because Fiat main operations are based on the manufacturing of
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Refer-a-Friend program is identifying how the $25 referral credit should be recorded in Runway’s income statement. Is this consideration an adjustment of the selling prices of the vendor’s products or services‚ and therefore characterized as a reduction of revenue‚ or is it a cost incurred by the vendor for assets and services received from the customer‚ and therefore characterized as a cost or expense? The next significant accounting issue is regarding when Runway should record the $25 referral credit as
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Wareham SC Systems‚ Inc. Case Study Wareham SC Systems current revenue recognition policy states that they recognize revenue when they have shipped their product to the customer. SC Systems also adjusts for warranty by estimating how much money will be spent on fulfilling those warranties. They subtract this estimation of warranties from the total revenues for shipped products. For other types of specific contracts‚ such as service contracts‚ they use the percentage-of-completion accounting
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