This course focuses primarily on the criteria that must be satisfied in order to recognize revenue from a sales type transaction. This course also discusses how to measure the amount of revenue to recognize, and how to apportion revenue among multiple deliverables when a company sells a bundle of products.
In addition, revenue recognition under construction accounting is discussed.
Objective:
- Properly measure revenue under a variety of transactions
- Apply the criteria for revenue recognition and identify those circumstances in which those criteria have or have not been met
- Identify issues that may arise when applying the revenue recognition criteria to separately identifiable components of a single transaction
- Apply the revenue recognition criteria for construction contracts
PREREQUISITE: None
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