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3 Cards in this Set
- Front
- Back
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Revenue Recognition
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Under the revenue principle, four criteria or conditions must normally be met for revenue to be recognized. If any of the following criteria are not met, revenue normally is not recognized and cannot be recorded.
Delivery has occurred or services have been rendered. Persuasive evidence of an arrangement for customer payment exists. Price is established or determinable. Collection is reasonably assured. |
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Sales Discounts
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DISCOUNT %/# for DISCOUNT, AMOUNT DUE/WHEN ITS DUE
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Inventory Costs
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Inventory costs include all costs necessarily incurred to acquire goods and place them in their desired condition and location ready for use, for shipment, or for sale.
This usually includes: invoice price paid insurance in transit paid transportation costs paid production costs incurred storage costs incurred handling costs incurred |
