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6 Cards in this Set
- Front
- Back
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Agreement b/t two parties that creates enforceable rights or obligation |
Contract |
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Promise to provide gds/serv to customer |
Performance obligation |
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Amt of consider a Co. expects to receive in exchange for gds/serv |
Transaction price |
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Five steps of revenue recognition |
ID contract; ID separate perform obl; determ trans price; allocate price to sep perform obl; recog revenue when ea is obl is satisfied |
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Standard for recognizing and measuring revenue based on changes in assets and liabs |
Asset-liab approach |
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States reven is recogn when perform oblig is satisfied |
Revenue recognit principle |
