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Topic 1:
Last week, we learned about revenue recognition. We have also explored
Topic 1:
Last week, we learned about revenue recognition. We have also explored the process for how FASB Standards are set. Using the FASB Codification (ASC) as your source (there is a link and password in Getting Started), review the standard on revenue recognition. Discuss how you would apply this standard to the income statement of your current, past, or future job and if you think these rules need any revisions. Be sure to cite your source, you can use ASC xxx-xx-xx-x.
Topic 2:
Using the FASB Codification as your reference, describe the benefits and weaknesses of requiring estimates for bad debts. As part of your explanation, also discuss alternative methods for accounting for bad debts. Are they appropriate? Why or why not? Is one preferred over the other? Discuss any ethical considerations.
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