the stamps have serial numbers and all stamps have been paid for by the grocer) and record the amount as revenue. The expenses that are associated to customers redeeming goods should be recorded at the time revenue is recorded - according to the matching principle. Assuming the stamps have some sort of expiration time period, S&H should credit the revenue account when a certain stamp has expired and has of course been recorded in the past in the applicable liability account. An afterthought:
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Eye Vision Inc, a long-standing medical device manufacturer, has signed a contract to sell Holland Hospital the Clear View Laser and a two-year separately priced maintenance plan for $1 million and $0.2 million respectively. On a when-and-if available bais, Eye Vision Inc. will provide software updats that is embedded with the Laser to maintainance purchasor. The software has never been sold without Laser for its functional necessity. In this memo, as explained below, we conclude that: 1. Eye
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Explaining Basic Accounting Concepts and Business Structures ACC/537 Dec, 5, 2011 Explaining Basic Accounting Concepts and Business Structures The purpose of the paper is to explain basic accounting concepts and business structures. This paper covers four topics, which include the following: 1. Identify and describe the sources of generally accepted accounting principles (GAAP). 2. Describe effective accounting information using the qualities of accounting information. 3. Describe
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Assignment #3: Outsourcing Services • Question 1: Is the accounting policy proposed by OSI to defer costs associated with the origination of the agreement an appropriate policy? What advice would you give OSI regarding its policy election? Accounting policy proposed by OSI to defer costs is an appropriate policy. Cost should be deferred if they create or add value to an asset. In FASB Concept Statement No. 6, Par 25 states asset as “probable future economic benefits obtained or controlled
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under generally accepted accounting principles, is that it doesn’t record revenue when it is earned, that violates the revenue recognition principle. Similarly it doesn’t record the expenses when they are incurred which in turn would violate the matching principle. In the end when comparing the differences of the two accounting types it’s easy to see why accrual basis accounting is the chosen method amongst the two and the reasons are stacked in its favor. Cash basis accounting might be ok amongst
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Immunology Assignment #1 Terra MacDonald October 16th, 2013 1) The cross-matching procedure by which we determine whether the donor and recipient are compatible involves a hemagglutination reaction. Red blood cells have antigens on their surface and if the blood of the transfusion recipient does not have the same “type” of antigens on their red blood cells, the recipient will produce antibodies against the donor’s red blood cells which will cross-link with the antigens, causing agglutination
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Ethical Health Care Issues Paper HCS/545 May 22nd, 2013 Mary Nell Cummings University of Phoenix Ethical Health Care Issues Introduction There are many ethical health care issues that are currently affecting our society. One of the current healthcare issues that are affecting our society is blood transfusion, the ability to receive medical treatment. This issue affects our society because it enables patients to receive blood transfusions in many situations that can save lives
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The revenue recognition principle is a cornerstone of accrual accounting together with matching principle. They both determine the accounting period, in which revenues and expenses are recognized. According to the principle, revenues are recognized when they are realised or realisable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. In cash accounting – in contrast – revenues are recognized when cash is received no matter when goods or services
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recognize expenses, revenue is regarded and allies to the balance sheet. For example as the owner of a good I have fixed costs, and production cost that are in place whether I sell the goods or not. In lieu of the expenses recognition, we must meet the matching principle to move up own our balance sheet. An income statement shows these transactions due to the fact we are forced to record revenue and expenses, specifically those relating in cash. Costs are to broad to list all of them in an essay forum
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Review of Transfusion-Associated Babesiosis in the United States: A Description of Cases • Presentation of the Information – 4 o Information was presented in a concise and clear manner and the topic was well expanded upon. The data “flows” well and is able to provide a broader picture of the angle that the authors were trying to focus their research on. • Method of research – 3 o The methodology used to perform the research was acceptable for the research type conducted
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