cma_Conceptual_Frame_Work_For_Financial_Reporting

Com022622173 022622168 1016448872 0124059666

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Unformatted text preview: 622168 1016448872 : 0124059666 034851600 034865655 : 1- Cost-Benefit 2- Materiality 3- Industry Pra 4- Conservatism – % &'( ) ! , $- ./ : *+ 35 ! " # # $ : :, $- 2 Accounting Accounting House House www.jpspublished on www.jps-dir.com Revenue Recognition Classified by Nature of Transaction Type of Transaction Sale of Product from Inventory Rendering a Service Description of Revenue Revenue from Sales Revenue from Fees or Services Timing of Revenue Recognition Date of Sale ( Date of Delivery) Permitting Use of an Asset Revenue from Interest Rents, and Royalties Services Performed and Billable As time passed or Assets are used e-mail:.acchouse_scada@yahool.com-0502265272 0105030092 : WWW.AHSCADA.COM022622173 022622168 1016448872 : 0124059666 034851600 034865655 : – % &'( ) ! , $- ./ : *+ 35 ! " # # $ : :, $- Sale of Asset other than Inventory Gain or Loss on Disposition Date of Sale or Trade-In 3 Accounting Accounting House House www.jpspublished on www.jps-dir.com Installment method: Revenue recognized as cash is collected thus revenue is recognized at the point of cash collection not the point of sale gross profit is deferred to the future and recognized proportionately to the collection of the receivables Example: Sam operation in 2003 Installment sales 500000$ Regular sales 300000 Cost of installment sales 250000 Cost of regular sales150000 General& admin. exp.50000 Collectio...
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This document was uploaded on 02/09/2014.

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