Chapter 16, Problem 23DQP

a.

To determine

Explain the four basis criteria for determining whether revenue is realized or realizable.

b.

To determine

Explain the term “bill and hold” transaction.

c.

To determine

Justify the reason for a bill and hold transactions not qualify as a sale and justify the reason for recording a bill and hold transactions as a sale with related receivables.

d.

To determine

Identify the important criteria states by SEC.