Acct 4420 Chapter 10 new

Acct 4420 Chapter 10 new - Acct 4420 Chapter 10 Auditing...

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Acct 4420 Chapter 10 Auditing Revenue and Related Accounts
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Chapter 10 Revenue Cycle Summary of Basic Financial Statements Beginning Financial Position A = L + SE at beginning of period Changes in Financial Position (Transactions) Income statement Statement of retained earnings Statement of stockholders’ equity Statement of cash flows Statement of comprehensive income ± ± = = Chapter 10 page 2
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Revenue Revenue Cash Cash Accounts Accounts Receivable Receivable Credit Sales Beginning Balance Collections Credit Sales Collections Beginning Balance Payments Ending Balance Ending Balance Ending Balance Chapter 10 page 3
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Revenue Recognition Principle Recognize revenue when Earnings process is complete (earned), and Amount and timing of revenue are reasonably determinable (realized or realizable). Chapter 10 page 4
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Guidance SEC guidance (SAB 101) Persuasive evidence of an arrangement exists, Delivery has occurred or services have been rendered, The seller’s price to the buyer is fixed or determinable,
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Acct 4420 Chapter 10 new - Acct 4420 Chapter 10 Auditing...

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