Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for. Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company. (a) To explain and justify: To explain and justify the revenue is often recognized at the time of sale. Given information: All the related information is provided in the question document.

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Question

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

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Answer 2

Question

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

Expert Solution & Answer

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Answer 3

Question

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

Expert Solution & Answer

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Answer 4

Question

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

Expert Solution & Answer

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Answer 5

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

Answer 6

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

Answer 7

Chapter 18, Problem 4CA

To determine

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions the revenue is recognized and accounted for.

Performance obligation: A promise to transfer goods or services is said to be performance obligation and it exists if a customer gets benefits from goods or service with the available resources determined by the company.

(a)

To explain and justify: To explain and justify the revenue is often recognized at the time of sale.

Given information: All the related information is provided in the question document.

Answer 8

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

Answer 9

To determine

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 18 - Prob. 1Q Ch. 18 - Prob. 2Q Ch. 18 - Prob. 3Q Ch. 18 - Prob. 4Q Ch. 18 - Prob. 5Q Ch. 18 - Prob. 6Q Ch. 18 - Prob. 7Q Ch. 18 - Prob. 8Q Ch. 18 - Prob. 9Q Ch. 18 - Prob. 10Q

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(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.

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Chapter 18 Solutions

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(b) To explain: To explain the situations that would be appropriate to recognize revenue over time. Given information: All the related information is provided in the question document.

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Chapter 18 Solutions

(b)

To explain: To explain the situations that would be appropriate to recognize revenue over time.

Given information: All the related information is provided in the question document.