The revenue recognition principle The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed. Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

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Right Answer

Answer 1

Question

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

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Answer 2

Question

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

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Answer 3

Question

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

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Answer 4

Question

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

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Answer 5

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

Answer 6

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Answer 7

Chapter 6, Problem 1CCTC

Requirement – 1

To determine

The revenue recognition principle

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

Toindicate: The amount of revenue reported in the Company T financial statement for the fiscal year ended January 30, 2016.

Answer 8

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Answer 9

Requirement – 2

To determine

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Answer 10

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Answer 11

Requirement – 3

To determine

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

Answer 12

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Answer 13

Requirement – 4

To determine

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

Answer 14

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Answer 15

Requirement – 5

To determine

To explain: The timing of revenue recognition in gift card sales.

Answer 16

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

Answer 17

Requirement – 6

To determine

To discuss: The manner in which T Company records the consideration received from vendors.

Answer 18

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Solution Summary: The author explains that the revenue recognition principle refers to revenue that should be recognized in the time period, when the performance obligation of the company is completed.

Toexplain: Whether Company T records their revenue at a point in time or over a period of time.

Todiscuss: The manner in which Company T’s revenue and net income is affected, when the company does not know at the time a sale is made and which items will be returned.

To explain: Whether Company T is a principal or an agent when the commission earned on sale generated by leased department.

To explain: The timing of revenue recognition in gift card sales.

To discuss: The manner in which T Company records the consideration received from vendors.

Chapter 6 Solutions