Jesse FARS 3 - Jesse Vrooman FARS #3 A) I typed right of...

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Jesse Vrooman FARS #3 A) I typed “ right of return” for my text string and found the answer to be in the FASB Statements > FAS 48: Revenue Recognition When Right of Return Exists Statement 48 recognizes revenue when a right of return of exists. B.) I typed in “right of return” and found the following information to be found in the FAS statement 48 paragraph 3. “This Statement specifies criteria for recognizing revenue on a sale in which a product may be returned, whether as a matter of contract or as a matter of existing practice, either by the ultimate customer or by a party who resells the product to others. The product may be returned for a refund of the purchase price, for a credit applied to amounts owed or to be owed for other purchases, or in exchange for other products. The purchase price or credit may include amounts related to incidental services, such as installation.” C) I typed “right of return and conditions” and found the following paragraph in FAS 48 paragraph 6. Criteria for Recognizing Revenue When
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