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Seminar in Accounting Theory > Session 3 - Revenue Recognition > Flashcards

Session 3 - Revenue Recognition Flashcards

1
Q

Record Revenue when

A
  1. ) Earnings process is complete
  2. Reasonable certainty as to the collectibility of the asset

*often tied to the delivery of the product

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2
Q

Multiple Element/ Deliverable Arrangements

A

Revenue allocated to the various elements based on Fair Value of individual elements

FASB: Vendor-Specific Objective Evidence

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Seminar in Accounting Theory (6 decks)

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