Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. one of the reasons for better revenue recognition

One of the reasons for better revenue recognition standards is many companies use revenue recognition...

90.2K

Verified Solution

Question

Accounting

One of the reasons for better revenue recognition standards is many companies use revenue recognition to make their financial reports appear better than they are. Research by the Committee of Sponsoring Organization of the Treadway Commission (COSO) indicates that the most common form of fraud is a misstatement of revenue, with over 60% of companies studied committing some type of revenue fraud. Most of this fraud is committed in the computer hardware and software, and other manufacturing industries. (Olivia Pleasant Revenue Fraud and the Impact of New Revenue Recognition Standards https://libres.uncg.edu>uncg> O_Pleasant_Revenue_2018)

Required:- When revenue should be recognized in the software industry? What is the appropriate treatment, and how will revenue recognition vary? Discuss any two revenue recognition criteria in the case of software industries.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Lesson 2 2 Homework D 6 HW 1 Reflect the shape below across the x...

Geometry
Q

While traveling across flat land you notice a mountain directly in front of you The...

Calculus
Q

Tur 24 Moussa has a collection of vintage action figures that is worth 390 If...

Algebra
Q

K Graphing utilities can be used to shade regions in the rectangular coordinate system thereby...

Algebra
Q

The Cunningham Factory has determined that its budgeted factory overhead budget for the year is...

Accounting
Q

Carrie DLake, Reed A. Green, and Doug A. Divot share a passion for golf and...

Accounting
Q

After liquidating noncash assets and paying creditors, account balances in the Cullumber Co. are Cash...

Accounting
Q

A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: ...

Accounting
Q

Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Star - Cardz...

Accounting
Q

title: "Assignment 2 " author: "First Last" format: pdf editor: visual \#\# Quarto Quarto enables...

Accounting
Q

Required information [The following information applies to the questions displayed below.) Part 2 of 3...

Accounting
Q

Make sure and provide the equation for every answer of a cell. Example (=B3+B4)

Accounting