MGAB01H3 Lecture Notes - Lecture 16: Canadian Securities Administrators, Chief Financial Officer, Internal Control

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Published on 4 Apr 2016
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
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 "!
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(-.'/.
o"-.'()/.
o(Amount Saved ÷ Amount Paid) = Interest Rate for 20 Days
oInterest Rate for 20 days= 2/98= 2.04 %
oAnnual interest rate= 365/ 20 days x 2.04%= 37.23%
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1
To record the sale of the merchandise
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Applying the discount
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Customer pays outside of discount period, sales discount not granted
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"E(F'GHF'...>@
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Document Summary

Revenue principle: revenues recorded when earned; delivery has occurred or services rendered; persuasive evidence of arrangement of customer payment; price is ixed/ determinable; collecion is reasonable assured. Enity has transferred to the buyer the signiicant risks and rewards of ownership of the goods. Enity retains neither coninuing managerial involvement associated with ownership nor efecive control over the goods sold. The amount of revenue can be measured reliably. It is probable that economic beneits associated w/ the transacion will low to the enity. The costs incurred or to be incurred in respect of the transacion can be measured reliably. Free on board shipping point: itle changes hands at shipping: revenues recognized at shipment. Free on board desinaion point: itle changes hands on delivery and seller normally pays for shipment: revenues recognized at delivery. To avoid losses due to fraudulent credit card sales.

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