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Go to the FASB revenue recognition website. Suppose on Dec 31, 2015, a shipment of...

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Accounting

Go to the FASB revenue recognition website.

Suppose on Dec 31, 2015, a shipment of completed widgets are sent to XYZ Company from ABC Company. XYZ has prepaid for the widgets and has received the widgets into their warehouse. However, not until January 2, 2016 are the widgets signed off by XYZ as being received.

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