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5 Cards in this Set
- Front
- Back
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The milestone method of revenue recognition provides that if a substantive milestone is achieved, what amount of revenue is recognized?
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Contingent revenue is recognized in its entirety
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In calculating PV in a situation with a range of possible outcomes all discounted using the same interest rate, the expected value would be
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the sum of probability-weighted present values
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According to SFAC 7, the most relevant measurement of an entity's liabilities at initial recognition and fresh-start measurements should always reflect
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the credit standing of the entity
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According to SFAC 6, in order to be included in the financial statements, an item must qualify
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as an element, meet recognition criteria and be measurable
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Installment sales equations
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cash collection*GP%=realized profit
ending bal. of A/R*GP%=deferred profit |
