b. Describe what it means for a business to "recognize" revenues. What specific accounts and...
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Accounting
b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition process in ASC 606 Revenue from Contracts with Customers.
c. Refer to the Revenue Recognition discussion in Note 2 (from the 10-K). In general, when does Apple recognize revenue? Explain Apple's revenue recognition criteria. Do they appear to be aligned with the revenue recognition criteria you described in part b?
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