Posted: September 17th, 2017
There are 6 accounting questions, two of which contain some calculations, and 2 HR law questions dealing with employment. The questions are not related and should be answered in separate paragraphs. The answers should be to the point and no longer than 1-2 paragraphs, references are required.
What is the revenue recognition principle? What is the current environment regarding revenue recognition? How IFRS differs from GAAP in Revenue Recognition.
An exception to point of sale recognition is recognizing the revenue before the delivery of the product. This is mostly seen in construction contracts. Now what are the two methods of revenue recognition for construction contracts? What are the conditions to use one method instead of the other?
Now , what are the different problems associated with point of sale recognition? describe FASB guidance with regard to accounting of sales with the right to return, Principal – Agent relationship and Multiple -Deliverable arrangements.
BE18-2 Stengel Co. enters into a 3-year contract to perform maintenance service to Laplante Inc. Laplante promises to pay $100,000 at the beginning of each year (the standalone selling price of the service at contract inception is $100,000 per year). At the end of the second year, the contract is modified and the fee for third year of service, which reflects a reduced menu of maintenance services to be performed at Laplante locations, is reduced to $80,000 (the standalone selling price of the ser- vices at the beginning of the third year is $80,000 per year). Briefly describe the accounting for this contract modification.
BE18-7 Turner, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. During
2014, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected $960,000. At
December 31, 2014, the estimated future costs to complete the project total $3,300,000. Prepare Turner’s
2014 journal entries using the percentage-of-completion method.
BE18-9 Use the information from BE18-7, but assume Turner uses the completed-contract method. Prepare
the company’s 2014 journal entries
Some organizations have a practice of using temps as a source for permanent employment and use the temporary employment period as a “trial” period for consideration of permanent employment. Is this an ethical practice in your opinion or should permanent employees be recruited through a separate source and serve a probationary period after being employed? Which is more sound from a legal perspective?
Some may question the “ethics” of the instability of contract or temporary employment and how those employees can be let go with little or no warning based upon the employer’s needs. However, don’t most individuals who accept these types of “contingent” positions know and understand the “rules of the game” and that there is no long term security in this type of employment relationship? It is interesting that with the state of the current economy there may be more individuals accepting temporary employment as a “gap filler” while seeking full-time employment. How may this change the status of temporary or contract employment or will it change it at all?
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