A: The primary criteria the auditor should use in determining revenue to be recognized are: (1): persuasive evidence of an arrangement exists. (2): Delivery has occurred or services have been rendered. (3): The seller’s price to the buyer is fixed or determinable. (4): Collectability is reasonably assured. The most basic principle for revenue recognition is revenue has been realized or realizable and earned. B: (1) a: Multiple deliverable. Does the software and one year internet service has
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Republic of Vardar Revenue forecasts: Expected Tax Collections PAD 505 June 8‚ 2012 Abstract At independence in November 1991‚ the Republic of Vardar (named after the Vardar River Valley) was the least developed of the Yugoslav republics. Although the poorest of the six former Yugoslav republics‚ the country nevertheless can sustain itself in food and energy needs using its own agricultural and coal resources. From 1998 to 2000 real GDP growth averaged a little
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Direct Marketing‚ Electronic Media. These forms are all used to reach out to an audience to help promote a product or service. Below‚ I have prepared an overview of Apple Inc.’s IMC strategy. Advertising Apple Inc. has an impressive image to uphold and their advertisements certainly add more value to the product itself. Since Apple Inc. is an electronic technology company their advertising campaigns deal heavily with Internet mediums and television commercials. My personal favorite are the “Mac
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different rates under various circumstances. This is where revenue management plays an important role; to fill at least a minimum number of rooms without selling every room at discount prices; the idea is to sell enough rooms to cover fixed operating expenses. Once fixed expenses are covered‚ and there are now only fewer remaining rooms to sell‚ they could then sell the remaining rooms at higher rates to maximize revenue and profits. The term revenue management was shortly introduced after the airline
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1. What are the revenue streams for TechMall? The revenues streams for TechMall include the following: a. Setup Fee Revenue b. Statement Fee Revenue c. Transaction Fee Revenue 2. What drives each of the revenue streams? a. Merchant setups drives the Setup Fee Revenue (Setup Fee Revenue=Merchant setups*$750); b. System merchants drives the Statement Fee Revenue (Statement Fee Revenue=System Merchants*$50); c. Total transactions‚ and Transaction Dollars drives the Transaction Fee
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PRICE ELASTICITY OF DEMAND (PED) & REVENUE Price elasticity of demand (PED) is particularly important to businesses‚ because of its effect on their revenue (income). Consider the following examples: 1) Mrs Robinson wants to increase her business’s revenue‚ but can’t decide whether she should increase or lower her prices. She currently charges £1 per unit and sells 1‚000 units. She knows that the PED for her product is (-) 0.4. What will happen to sales‚ sales revenue and profit if she: a) raises the
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The issue of revenue recognition practices is an area that has received a lot of attention from regulators. Whenever there is a report of financial restatements or negative earnings‚ regulators pay extra attention to review the financial statements in order to verify that that there are not any indications of financial fraud or that the organization overstepped their boundaries in the area of managed earnings. The reason that regulators have taken a special interest in financial accounting and potential
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The revenue recognition principle is a foundation of accrual accounting and one of the main principles of GAAP. The revenue recognition principle is a set of guidelines that helps accountants to identify when a revenue event has taken place and how to appropriately record cash exchanges before‚ during‚ and after the revenue event. According to the revenue recognition principal‚ revenue must (1) be realized or realizable and (2) earned‚ in order to be recognized. According to the SEC revenue is realized
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Apple Inc. Written by John Smith August 2011 Table of Contents Abstract 3 Company History 4 Current Financial Health 5 Stock Performance 7 Bonds 11 Conclusions 12 Works Cited 13 APPENDIX I: APPLE’S SELECTED FINANCIAL DATA 15 APPENDIX II: APPLE’S CONSOLIDATED STATEMENTS OF OPERATIONS 16 Abstract Apple Inc. (Apple) is an American corporation that specializes in consumer electronics and software. Founded in 1976‚ it is difficult not to see their products anywhere
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HISTORY OF TAXATION IN GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment
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