Revenue Recognition Using Word or Excel, create a diagram or model that represents the series of criteria...

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Accounting

Revenue Recognition
Using Word or Excel, create a diagram or model that representsthe series of criteria found in CON5.
Using Word or Excel, create a diagram or model that representsthe process of the revenue recognition process.
Guidance:
Diagram the process of revenue recognition.
Start with the process.
What starts the process?
Think through from the business perspective what happens whenyou purchase a good or service?
What are the journal entries?
What are the accounts?
What happens to the accounts?
What’s the impact on the financial statements?
Which financial statements?

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Recognition of revenue In case of sale of goods Start of the process 1st Sale of goods 2nd Transfer of ownership in the goods to the buyer 3rd Dispatch of goods to the buyers premises 4th No uncertainty regarding the final receipt of payment 5th Recognition of See Answer

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Revenue RecognitionUsing Word or Excel, create a diagram or model that representsthe series of criteria found in CON5.Using Word or Excel, create a diagram or model that representsthe process of the revenue recognition process.Guidance:Diagram the process of revenue recognition.Start with the process.What starts the process?Think through from the business perspective what happens whenyou purchase a good or service?What are the journal entries?What are the accounts?What happens to the accounts?What’s the impact on the financial statements?Which financial statements?