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Identify the accounting standards and concepts that dictate the proper accounting treatment for sale returns. How were these standards and concepts violated by Ligand?
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- Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.Which accounting concept requires that any goods taken from inventory by the owner aretreated as drawings?A. AccrualsB. Business entityC. PrudenceD. Going concernHow are the balance sheet and income statement affected by fair value accounting? Cite and give credit to the author that you are citing.
- Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.Which accounting principle requires that bad debts expense be recognized in the same period as the sale? A) Measurement principle B) Expense Recognition (Matching) principle C) Revenue Recognition principle D) Historical Cost principle Please answer ASAP, I will upvoteUnder what circumstances is it appropriate to recordgoodwill in the accounts? How should goodwill, properlyrecorded on the books, be written off in order to conformwith generally accepted accounting principles?
- A seller recognizes the amount of returns from right to return sales as a/an ________. Group of answer choices expense revenue asset liabilityWhich income statement account(s) would be affected by a policy choice at the same time as the inventory balance sheet account. a. Bad debts expense b. Cost of goods sold expense c. Depreciation or amortisation expense d. Sales revenueWhich of the following conditions would support recognition of revenue? The seller’s price to the buyer is being negotiated. Delivery has occurred or services have been provided. Collection is possible. Significant risks and rewards of ownership of the goods will soon be transferred to the purchaser by the seller.
- What is Fair Value Accounting? What are the factors contributing toward the trend of fair value accounting? How are the balance sheet and income statement affected by fair value accounting? Cite and give credit to the author that you are citing.Which accounting technique gives the most relevant information (net cost or gross invoice price)?One such issue is the Sale with Right of Return. Discuss how do you recognize revenue when the customer has the right to return
