By Donald E Kieso; Jerry J Weygandt; V Bruce Irvine; W Harold Silvester
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Extra resources for Intermediate accounting [Solution]
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The sale 2-5 Questions Chapter 2 (Continued) also leads to a valid claim against the buyer and gives the seller the full support of the law in enforcing collection. In a highly developed economy where the probability of collection is high, this gives additional weight to the sale in the determination of the amount to be collected. Ordinarily there is a transfer of control as well as title at the sales point. This not only serves as additional objective evidence but necessitates the recognition of a change in the nature of assets.
Events that can give rise to recognition of revenue are: the completion of a sale; the performance of a service; the production of a standard interchangeable good with a guaranteed market, a determinable market value and only minor costs of marketing, such as precious metals and certain agricultural commodities; and the progress of a construction project, as in shipbuilding. The passing of time may be the “event” that establishes the recognition of revenue, as in the case of interest revenue or rental income.
A) (b) (c) Because the change was used to create a positive trend in earnings, the change is considered material. Each item must be considered separately and not netted. Therefore each transaction is considered material. In general, companies that follow an “expense all capital items below a certain amount” policy are not in violation of the materiality concept. Because the same practice has been followed from year to year, Seliz’s actions are acceptable. BRIEF EXERCISE 2-8 (a) (b) (c) (d) (e) Net realizable value.