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Several years ago, Quovadx Inc., a business software company, was being investigated by the SEC....

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Finance

Several years ago, Quovadx Inc., a business software company, was being investigated by the SEC. Apparently, the company booked millions of dollars in revenue on sales made to a group of non-U.S. information-technology companies, and over the next two years had not received any payments from them. (Pratt p 248) How do you think Quovadx should account for these facts? Explain how a reader of the financial statements might have been able to detect such a

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