Loose Leaf for Fundamental Accounting Principles
Loose Leaf for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259687709
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
Question
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Chapter 3, Problem 1BTN
To determine

Concept Introduction:

Accounting policies are the rules, principles and procedures implemented by the organization to ensure transactions properly and are used to prepare the financial statements correctly. Accounting policies are shown as a part of notes to accounts.

Accounting policies are for all transactions such as revenue recognition, depreciation and fixed assets, fair value measurements etc.

Requirement-1:

To determine:

In the question, we have to explain the accounting policies for revenue recognition of Apple’s Inc. from its financial statements.

To determine

Requirement-2:

To determine:

We have to determine from Apple’s financial statements that how Apple Company applies the revenue recognition principles and on what time it recognizes revenue.

To determine

Requirement-3:

To determine:

We have to calculate Apple’s profit margin for fiscal years September 26, 2015 and September 27, 2014 from its financial statements.

To determine

Requirement-4:

To determine:

We have to compute the profit margin for any subsequent year after September 26, 2015 and have to compare the same from the profit margin of September 28,2013.

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Chapter 3 Solutions

Loose Leaf for Fundamental Accounting Principles

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