Questions On Financial Accounting Assessment Essay

7) What was the effect on 1988 earnings per share, of the non-recurring items: area development

According to ASPE 3400.05, revenue cannot be recognized until the following three criteria are met.

As of April 30 - Recognized Revenue – Volcano System $10,286, PCS $286 (2 mths)

ASC 470-10-25-2 “While the classification of the proceeds from the investor as debt or deferred income depends on the specific facts and circumstances of the transaction, the

1. As of December 31, 2011, what amount, if any, of sales due should be recognized in eVade’s financial statements?

The company accounts for these transactions as sales in accordance with Statement of Financial Accounting Standards No. 77, ‘’Reporting

know what it is exactly, in order to assess the extent to which the accounting profit reflects

INVESTools should definitely capitalize these expenses. The practice of not capitalizing these expenses has led to routine recording of net losses

Sales took the most percentage of total revenue. The revenue of sales increased gradually from $ 214,934 (in thousands) in 2010 to $ 260,832 in 2012 while the figure of royalties reduced gradually from $ 873 in 2010 to $ 681 in 2012 (in thousands). The revenue of other income increased from $ 1,286 to $ 1,325 during this period and then the figure decreased dramatically to $ 533 in the financial year 2012. In addition, in the financial year 2012, a new resource of revenue called membership was developed with the figure of $54.

1. Tutti’s Sandwich Shop has the following information regarding costs at various levels of monthly sales. Help Tutti separate her costs into fixed costs and variable costs so that she can predict and evaluate costs at varying levels of guests served.

CCL is a CCPC and follows ASPE. It is the second year that my firm auditing for CCL. It is CCL’s responsibility to correctly record accounting transaction and preparing financial reports. Manager should be unbiased to fairly present financial reports within GAAP. After careful analysis, I presented several accounting issues and related analysis as follow.

If a Product or Service is bartered for goods or services (therefore not a monetary consideration), or is provided through a transaction that is not at Arm’s Length, the Net Sales Revenue shall be calculated as above, using the average of net prices billed or charged in typical recent Sales of equivalent Products or Services, and if there are

Record these 12 transactions for Eads’s and Glenwood’s first year of operations before going to

As of 1999 annual report, the company recognizes the revenue upon shipment. But this will change with SAB 101. The company will wait until the delivery and customer acceptance to recognize the revenue In addition to that they also calculate the estimated warranty costs. The company recognizes the service revenues as the services are provided (not before the services are provided) The Company does not count in service revenue with other revenues (revenues from product sales and installation, maintenance) For long term certain contracts, the company uses percentage of completion method for revenue recognition.

Accountants have a comprehensive role in government operation whether that is in local, state or federal level. Just like in a business they manage government costs, analyze financial documents, balance the budget, audit agencies and work for agencies such as IRS and advice in initiation or continuation of different government programs to help people or businesses in need.