tailieunhanh - Lecture Intermediate accounting: Principles and analysis (2nd edition): Chapter 7 - Warfield, Weygandt, Kieso

Chapter 7 - Revenue recognition. After completing this chapter you should be able to: Apply the revenue recognition principle, describe accounting issues for revenue recognition at point of sale, apply the percentage-of-completion method for long-term contracts, apply the completed-contract method for long-term contracts. | CHAPTER 7 REVENUE RECOGNITION INTERMEDIATE ACCOUNTING Principles and Analysis 2nd Edition Warfield Weygandt Kieso Apply the revenue recognition principle. Describe accounting issues involved with revenue recognition at point of sale. Apply the percentage-of-completion method for long-term contracts. Apply the completed-contract method for long-term contracts. Describe the installment-sales and cost-recovery methods of accounting. Learning Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Current Environment Guidelines for revenue recognition Departures from sale basis Revenue Recognition at Point of Sale Revenue Recognition before Delivery Revenue Recognition after Delivery Sales with buyback agreements Sales when right of return exists Trade loading and channel stuffing Installment-sales method Cost-recovery method Deposit method Summary of bases Percentage-of-completion method Completed-contract method Completion-of-production basis Revenue Recognition Service Cost - Actuaries compute service cost as the present value of the new benefits earned by employees during the year. Future salary levels considered in calculation. Interest on Liability - Interest accrues each year on the PBO just as it does on any discounted debt. Actual Return on Plan Assets - Increase in pension funds from interest, dividends, and realized and unrealized changes in the fair market value of the plan assets. Amortization of Unrecognized Prior Service Cost - The cost of providing retroactive benefits is allocated to pension expense in the future, . | CHAPTER 7 REVENUE RECOGNITION INTERMEDIATE ACCOUNTING Principles and Analysis 2nd Edition Warfield Weygandt Kieso Apply the revenue recognition principle. Describe accounting issues involved with revenue recognition at point of sale. Apply the percentage-of-completion method for long-term contracts. Apply the completed-contract method for long-term contracts. Describe the installment-sales and cost-recovery methods of accounting. Learning Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Current Environment Guidelines for revenue recognition .

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Revenue recognition
• Long term contracts
• Percentage of completion method
• Long term contract losses
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Financial reporting
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process