Sab 104

* Where difficult customer behaviour may arise and where it would be considered a risk

1. Describe the impact the three proposed accounting methods (full revenue recognition, deferral of revenue, and partial revenue recognition) would have on the company’s financial statements: 1) at the time of the sale, and 2) in future periods.

3. According to to the text, which best describes a major goal of the DEA?

B. Describe what it means for a business to “recognize revenues.” What specific amounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition criteria outline in the FASB’s statement of Concepts No. 5.

b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are

Q1: Of what importance in a conceptual framework or metatheory are definitions of such basic terms as assets, liabilities, revenues, and expenses?

We here at Digby plan to continue using our strategy as it has been very successful in the past seven years. Regardless, we still are striving to control more of the Market Share. To do so we will continue to purchase capacity to meet the demand of our products, out-selling and out-producing our competitors. We will also continue to invest in R&D to give our customers the products that they want. By following our strategy we will be able to meet our goals and continue to grow as a company.

8.  When is a buyer considered to have accepted performance regarding goods that are delivered pursuant to a contract?

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary financial accounting equation, and financial statements and reports.

There is much more to slavery then race for example throughout the novel Sab, Sab undergoes an inner development which enables him to create an identity that depends on balanced relationships between the masculine and the feminine”(Mary Cruz) When looking at the novel we have to consider two sides of sab which will then show us the two sides of identity that Gomez was portraying. One of the key components is having Sab come face to face and ultimately to terms with the negative projections that the male society would have culturally imposed on the women with whom he identifies as a slave.

Further, acceptance could be either by means of an affirmative customer acceptance or on the customer not taking specific action to reject the product shipments (Grant Thornton, 2010).

The two fundamental qualities that make accounting information useful for decision making are relevant and faithful representation. In my opinion, I think both are important quality of accounting information. In order to be relevant you need to have predictive value, and confirmatory value, or both for making decisions. For example, investors form their own expectations about the future based on the predictable value. They were able to evaluate. To be more clear, events such as in the past, present, or future like daily cash transitions are making a difference in the decision. While confirmatory value helps them confirms or

The seller must also deliver all accessories and attachments that belong with the object to the extent that these are not excluded by the contract. The seller must also deliver to the purchaser the entire thing and profits that the thing yield after the conclusion of the contract of sale.

Customer has the option to accept or to refuse the subject-matter. If it does not conform to the specification agreed upon.