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Midterm

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Department
Accounting
Course
ACC 110
Professor
Marla Spergel
Semester
Fall

Description
Sy Greenberg ACC110 Oct 4, 2011 ACC110 – Key Notes (Midterm Hints) Critical Event Approach 5 criteria for identifying the critical event (sale of goods) when all the following are satisfied Performance: 1. Significant Risks and Rewards transferred 2. Seller has no involvement or control over the goods Collectability: 3. Collection of payment is reasonably assured Measurability: 4. The amount of revenue can be reasonably measured 5. The costs of earning the revenue can be reasonably measured. -Judgment is required in applying the guideline, based on t
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