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Key "Concepts" for first midterm

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Course Code
ACC 110
Brad Mac Master

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Sy GreenbergACC110Oct 4 2011ACC110Key Notes Midterm HintsCritical Event Approach5 criteria for identifying the critical event sale of goods when all the following are satisfiedPerformance1Significant Risks and Rewards transferred2Seller has no involvement or control over the goodsCollectability3Collection of payment is reasonably assuredMeasurability4The amount of revenue can be reasonably measured5The costs of earning the revenue can be reasonably measuredJudgment is required in applying the guideline based on this 1
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