Answer:
revenue is recognized and determines how to account for it. Typically, revenue is recognized when a critical event has occurred, and the dollar amount is easily measurable to the company
Explanation:
examples:Sales Basis Method. With the sales basis revenue recognition methods, revenue is recorded at the time of sale.
Percentage of Completion Method
Completed Contract Method
Answer:
200 mystery novels.
Explanation:
Giving the following information:
Valerie deposits $3,000 in a bank account that pays an annual nominal interest rate of 15%. At the time of her deposit, a mystery novel is priced at $15.00.
Purchasing power= $3,000/$15= 200 mystery novels.
Answer:
C) Disclose the basis of accounting in the accountant’s compilation report.
Explanation:
Miller's accountants are not expected to perform any accounting procedures with respect to Web's financial records, they are only supposed to compile them and issue a report. But if the accountants notice some errors due to misapplications of GAAP standards or notice that some or all disclosures are missing, they should disclose the relevant information in their report.
Answer:
proposal
Explanation:
Galleon is requesting several PR firms to make formal business presentations regarding how they could help them manage this situation.
In business, a proposal is a formal document sent from a company to a potential or prospective client which describes the business offer. Proposals can be unsolicited, when a company is looking for clients, or solicited (like this case) where a client is looking for another company to provide them with services or components.
In their proposal, the PR firms should explain how they work and how they could assist Galleon in their business relationship with this new and important client.
Answer:
COGS= $297
Explanation:
Giving the following information:
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
<u>First, we need to calculate the number of units sold:</u>
Number of units sold= 12 + 18= 30
Now, under the LIFO (last-in, first-out) method, the cost of goods sold is calculated using the cost of <u>the lasts units incorporated into inventory</u>:
COGS= 20*10.15 + 10*9.4
COGS= $297