BU127 Lecture Notes - Lecture 6: Direct Deposit, Financial Statement, Cheque

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23 Oct 2018
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*** practice midterm problems ap 2-3 ap 3-5 p 4-1 p 4-2. Reporting and interpreting sales revenue, receivables, and cash. Revenue principle *** do not record illegitimate revenue (overstate) Revenues must be recorded when earned: goods or services have been transferred/delivered 2. The entity retains neither continuing managerial involvement nor effective control 3. The amount of revenue can be measured reliably 4. It is probably that economic benefits will flow to the entity: probable you will be paid 5. The point at which title changes hands is determined by the. When goods are shipped free on board shipping point, title changes hands at shipment, and the bu pays for shipping - revenues are normally recognized at shipment 2. Providing business customers direct credit and discounts for early payment 3. Allowing return from all customer under specific circumstances seller accepts credit. Card payments because: increasing customer traffic at its stores 2.

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