Questions from Intermediate Accounting

Q: What is the difference between a principal and an agent for determining

What is the difference between a principal and an agent for determining the amount of revenue to recognize?

Q: Under what circumstances should sellers consider the time value of money when

Under what circumstances should sellers consider the time value of money when recognizing revenue?

Q: When should a seller view a payment to its customer as a

When should a seller view a payment to its customer as a refund of part of the price paid by the customer for the seller’s products or services?

Q: What are three methods for estimating stand-alone selling prices of

What are three methods for estimating stand-alone selling prices of goods and services that normally are not sold separately?

Q: When is revenue recognized with respect to licenses?

When is revenue recognized with respect to licenses?

Q: In a franchise arrangement, what are a franchisor’s typical performance obligations

In a franchise arrangement, what are a franchisor’s typical performance obligations?

Q: When does a company typically recognize revenue for a bill-and

When does a company typically recognize revenue for a bill-and-hold sale?

Q: How might a license for symbolic intellectual property be treated differently under

How might a license for symbolic intellectual property be treated differently under IFRS as compared to U.S. GAAP?

Q: When does a consignor typically recognize revenue for a consignment sale?

When does a consignor typically recognize revenue for a consignment sale?

Q: On October 1, 2018, the Marshall Company sold a large

On October 1, 2018, the Marshall Company sold a large piece of machinery to the Hammond Construction Company for $80,000. The cost of the machine was $40,000. Hammond made a down payment of $10,000 an...