Disclosure rule (TRID), which of the following fees may be collected prior to a loan estimate being issued A) Application fee B) Appraisal fee C) Credit report fee D) Origination fee
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- a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii. Del-credere commissioniii. ConsigneeThe following are based on FASB Codification. #1. Describe the accounting for refund liabilities. #2. What procedures are followed in the allocation of a discount?What items are listed on a loan document
- describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysisWhat section of FASB provide guidance on referral credit paid to customers?Access the FASB’s Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: What are the five key steps to applying the revenue recognition principle? What are indicators that control has passed from the seller to the buyer, such that it is appropriate to recognize revenue at a point in time? Under what circumstances can sellers recognize revenue over time?
- 34. According to GAM for NGAs, interest revenue is recognized On a time proportion basis using effective interest method On a straight line basis In accordance with the substance of the relevant loan agreement When the entity’s right to receive payment is established.Define each of the following terms:i. Credit policy; credit period; credit standards; collection policy; cashdiscounts1.-To which element does the following definition correspond: It is a format where interest and payments are normally calculated to settle a loan. A) Format for credit standards B) Inventory maintenance cost form. C) Depreciation table D) Amortization table (Choose one option)