MC 6.02 Revenue Recognition ASU 2014-09
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Asks which is true about ASU 2014-09?
Asks which is true about ASU 2014-09?
Asks which is indicator for revenue recognized over time?
They give you the bundle price and the sold separate prices of a computer and a one year maintenance agreement and asks for the revenue for the first month.
Your numbers will vary.
They tell you Boomerang Computer Company sells computers and has an unconditional right to return computers and has history with precise estimates of returns. Asks when should recognize revenue.
Asks for journal entry for payment date.
They give you some dates about receiving an order, delivering cupcakes, getting deposit and paying balance and ask when they would record revenue.
They tell you Taylor provides handyman services to King and asks the amount of revenue for the first year.
Your numbers will vary.
The ask about IFRS for secured borrowing vs a sale, the important element is what?
They tell you company sells used videogames and has a one-week return right. Asks how to recognize the liability.
Given the cost associated with a premium home theater package, they ask you to determine how much of the transaction price would be allocated to each of the four parts of the contract.
Your numbers will vary.