kapone23
Mar 27, 2007, 09:30 AM
Need help
Four conditions must be met before revenue should be recognized.in each of the following cases, tell which condition has not been met:
1. company A accepts a contract to perform services in the future for $1000.
2. co. B ships products to another co. orth 1500 without any order from the other company but tells the company that it can be return the product if it does not sell them
3 co C perform services totaling $5000 for a company that is in financial difficulty
4 company D agrees to work out a price later for services that it performs forms for another company
Thank
Four conditions must be met before revenue should be recognized.in each of the following cases, tell which condition has not been met:
1. company A accepts a contract to perform services in the future for $1000.
2. co. B ships products to another co. orth 1500 without any order from the other company but tells the company that it can be return the product if it does not sell them
3 co C perform services totaling $5000 for a company that is in financial difficulty
4 company D agrees to work out a price later for services that it performs forms for another company
Thank