Revenue Recognition. Intermediate Accounting

[@arund1869]

Thank you very very much Sir, It's very Helpful.

[@AccountingLectures]

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[@peakptosecretary5412]

How do we account for Commissions under this new Revenue recognition method?

[@AccountingLectures]

Please visit my website for more resources farhatlectures.com/

[@jamesbondani]

Point 4. This should be FALSE. Because the customer has not made any contract and he is buying the shirt by paying cash without contract.

[@huoshhuosh5408]

It should be true, since the delivery obligation is met. (The contract doesn't have to be a physical thing. In this case the contract is very easy, take the shirt you like, check out and it is yours!)

[@Bullydallas]

True. There was an offer by the seller of a product (shirt) and acceptance of the offer buyer who paid for it (shirt). That constitutes a contract. (implied by the actions of the two parties (buyer and the seller) for a consideration (price paid) for the shirt.

[@cjohnson9211]

8:59

[@cjohnson9211]

8:54