included in the next year’s revenue. Method 2: Strictly speaking‚ the revenue recognized in method 1 is not earned in THIS YEAR. through the method of estimating the electricity usage in December this year‚ added by the actual usage of former 11 months‚ we can get record the revenue and then do some adjustment in the next year. 2. Retainer fee none of the $10‚000 should be counted as revenue in 2006. In accordance with the Basic Recognition Criteria‚ the revenue cannot be booked unless the
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The dawn of personal computing in the early 1980s was the beginning of a rapidly evolving technology stranglehold on everyday life. The mechanical world of typewriters‚ dedicated word processors and adding machines with cranks were quickly left in a wake of microchips. The good news: you could do more. The bad news: you can be caught in a mire of complex and often-confusing computer-based equipment. The study of Human-Computer Interaction (HCI) finally took center stage in the mid-1990s as the World
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GROUP 11 - AMERICAN EXPRESS! http://investing.businessweek.com/research/stocks/financials/secfilings.asp?ticker=AXP:US PART I: INDUSTRY ANALYSIS: CREATE AN INDUSTRY ANALYSIS BASED ON THE FOLLOWING QUESTIONS CP1-7 | | Team Project: Examining an Annual Report | | | As a team‚ select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com. (Click on an industry and then select Company Rankings for a list of members of that industry
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Determination Under accrual basis -Revenues are earned when the seller completes performance required by an agreement. QA- Flying Carpet Tourism company purchased some cares for 24‚ making a down payment of 14 and signed a note payable for the remaining. How do you record this on cash basis once and on accrual basis another. Answer: Accrual basis: Expenses 24 Cash basis: Expenses 14 QB- Company A made sales revenue of 150 thousands Dirhams‚ only 100 thousands
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Landline Should Go For Net Revenue The accounting issue at hand in this case is revenue. Landline is offering call routing services for PRU and the former entity has to make some receipts from the services rendered. To put the issue at hand in context‚ revenue is generally the income received by any company from selling goods or services. In abroad sense‚ revenue is the income received by any commercial institution for the goods sold or services rendered. It is basically the incoming receipts
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towards an electronic environment for health information management (Office of the National Coordinator for Health Information Technology‚ n.d.). This has been the driving force behind increased adoption of Electronic Health Records and Speech Recognition Technology; two tools that threaten to replace medical transcription. While this fundamental transformation is reshaping the industry’s future‚ it has also created an opportunity for the growth of the field of healthcare documentation. It will involve
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Introductory Financial Accounting Lecture Week 5 Receivables Summer Semester 2014 Greg Cusack www.fbe.unimelb.edu.au Learning Objectives At the end of the lecture‚ students should Be able to apply the revenue recognition principle to determine the accepted time to record sales revenue for typical retailers‚ wholesalers‚ manufacturers and service companies. To understand the recording and management implications of credit sales‚ including the offering of sales discounts and the estimation
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Home Depot – 2010 Financial Report For fiscal year ended January 30‚ 2011 ("fiscal 2010")‚ Home Depot reported Net Earnings of $3.3 billion and Diluted Earnings per Share of $2.01 compared to Net Earnings of $2.7 billion and Diluted Earnings per Share of $1.57 for fiscal year ended January 31‚ 2010 ("fiscal 2009"). The results for fiscal 2010 included a $51 million pretax charge related to the extension of our guarantee of a senior secured loan of HD Supply‚ Inc. (the "HD Supply Guarantee Extension")
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Financial Statement Restatement Paper A number of companies have faced restatements because of errors in their financial statements (Kieso‚ Weygandt‚ & Waterfield‚ 2007). Overstock.com is an online retailer offering closeout and discount brand and non-brand name merchandise. They also operate as part of their website an online auctions business- a marketplace for the buying and selling goods and services. In February 2006‚ the company restated financial reports from Q1 2002 to Q3 2005 due
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reverse bad debt from the customer Mr. Bankrupt while ignoring the news about how Mr. Bankrupt’s company is experiencing financial trouble. Mr. Ethics continues to tell me that Mr. Fraud has requested that $30‚000 of recorded unearned revenue be recorded as service revenue to increase company sales. Mr. Fraud states that if Mr. Ethics performs everything requested the company will be able to obtain a loan from the bank for new equipment. Anyone with good upbringing and training would know these are
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