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mamaluj [8]
3 years ago
8

The following represents the five steps in the revenue recognition model, in random order:

Business
1 answer:
rosijanka [135]3 years ago
3 0

Answer:

The correct order is 5-4-1-3-2

Explanation:

Revenue Recognition is a Generally Accepted Accounting Principle which outlines the specific conditions in which revenue must be recognized and also stipulates ways and when to account for it. The order of the revenue recognition model is:

  1. Identify the contract with a customer.
  2. Identify the performance obligations in the contract.
  3. Determine the transaction price.
  4. Allocate the transaction price to the performance obligations in the contract.
  5. Recognize revenue as the entity satisfies performance obligations.
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The Hutch Fashions sends out its spring and summer catalog to Liz. Liz falls in love with the cute dress featured on the front c
Ede4ka [16]

Cindyliz is wrong in this situation

Both Cindyliz and The Hutch Fashions did not signed any contract that specify the obligation that The Hutch Fashions need to sell  a certain type of product to Cindyliz. She just obtained a summer catalogue, not a purchase order.  A catalogue only filled with list of product information that company sold.

8 0
3 years ago
Read 2 more answers
Under which conditions is price elasticity of supply relatively elastic or relatively inelastic?
Ulleksa [173]

Answer:

1. Firms are operating in the short run  - relatively inelastic

2. Firms would have a hard time storing their goods  - relatively inelastic

3. Firms have a large amount of excess capacity  - relatively elastic

4. Firms can easily relocate from one location to another - relatively elastic.

Explanation:

The price elasticity of supply is less in the short run than in the long run. In the short run supplier does not have enough time to adjust the production level so supply is inelastic. The firms facing hard to store their goods then the supply is inelastic. If the firm has spare capacity available then the supply is relatively elastic because supplier can produce more if the demand is greater.  The mobility factor also effects elasticity, if firm can easily relocate itself then the supply is elastic.

6 0
3 years ago
A bond is issued at a discount when a​ bond's stated interest rate is​ ________. A. more than the effective interest rate B. equ
kiruha [24]

Answer: C. Less than Market Interest rate

Explanation: When the interest rate on a bonds issued by an organization is lesser than the prevailing interest rate being offered in the market at a certain time on Bank deposits, loans or other interest bearing funds, organization tends to issue discounts on bonds in scenarios like this and as such bonds are being issued or traded at prices lower or below it's face value in other to encourage investors and bridge the interest gap between the bond rate and the market rate.

8 0
3 years ago
The manufacturing costs of Mocha Industries for three months of the year are as follows: Total Cost Production April $60,226 1,3
Anton [14]

Answer:

Variable cost per unit = $4.60

Explanation:

To calculate the element of variable cost in a mix cost using high-low method, we need to take the cost of the highest activity level and subtract the cost of the lowest activity level from it and divide the answer by the difference between the highest and the lowest activity levels.

<u>High-low method</u>

  • Variable cost per unit = (Highest Activity Cost - Lowest Activity Cost) / (Highest Activity Units - Lowest Activity Units)

  • Variable cost per unit = (66436 - 60226) / (2660 - 1310) = $4.60 per unit
3 0
3 years ago
How do you know if you are eligible to open and make contributions to a Roth IRA?
Whitepunk [10]

Answer:

The correct answer is letter "B":You have to earn below a certain amount to make contributions .

Explanation:

A Roth Individual Retirement Account (IRA) is the type of retirement account where contributions grow tax-free and allows individuals to withdraw funds under certain conditions. <em>People are eligible to open a Roth IRA as long as their income is less than $139,000 for singles and $206,000 for married couples- </em>information that applies for the year 2020.

7 0
3 years ago
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