Đang chuẩn bị liên kết để tải về tài liệu:
Lecture Issues in financial accounting – Lecture 20: Revenue recognition

The contents of this chapter include all of the following: Identify the types of receivables and record accounts receivable transactions, account for bad debts, account for notes receivable, explain the statement presentation of receivables, apply the principles of sound accounts receivable management. | Revenue Recognition Instructor Adnan Shoaib PART II: Corporate Accounting Concepts and Issues Lecture 20 Apply the revenue recognition principle. Describe accounting issues for revenue recognition at point of sale. Apply the percentage-of-completion method for long-term contracts. Apply the completed-contract method for long-term contracts. Identify the proper accounting for losses on long-term contracts. Describe the installment-sales method of accounting. Explain the cost-recovery method of accounting. Learning Objectives Current Environment Guidelines for revenue recognition Departures from sale basis Revenue Recognition at the Point of Sale Revenue Recognition before Delivery Revenue Recognition after Delivery Sales with discounts Sales with right of return Sales with buybacks Bill and hold sales Principal-agent relationships Trade loading and channel stuffing Multiple-deliverable arrangements Installment-sales method Cost-recovery method Deposit method Summary of bases . | Revenue Recognition Instructor Adnan Shoaib PART II: Corporate Accounting Concepts and Issues Lecture 20 Apply the revenue recognition principle. Describe accounting issues for revenue recognition at point of sale. Apply the percentage-of-completion method for long-term contracts. Apply the completed-contract method for long-term contracts. Identify the proper accounting for losses on long-term contracts. Describe the installment-sales method of accounting. Explain the cost-recovery method of accounting. Learning Objectives Current Environment Guidelines for revenue recognition Departures from sale basis Revenue Recognition at the Point of Sale Revenue Recognition before Delivery Revenue Recognition after Delivery Sales with discounts Sales with right of return Sales with buybacks Bill and hold sales Principal-agent relationships Trade loading and channel stuffing Multiple-deliverable arrangements Installment-sales method Cost-recovery method Deposit method Summary of bases Percentage-of-completion method Completed-contract method Long-term contract losses Disclosures Completion-of-production basis Revenue Recognition Realization Principle Record revenue when: Revenues are inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. What is revenue? According to the FASB, “Revenues are inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations.” In other words, revenue tracks the inflow of net assets that occurs when a business provides goods or services to its customers. Revenue recognition criteria help ensure that an income statement reflects the actual accomplishments of a .