Term
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Definition
1) The earnings process is judged to be complete or virtually complete
2) There is reasonable certainty as to the collectibility of the asset to be received |
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Term
| SABs additional criteria for realization principle |
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Definition
1) Persuasive evidence of an arrangement exists
2) Delivery has occurred or services have been rendered
3)The seller's price to the buyer is fixed or determinable
4) Collectibility is reasonably assured |
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Term
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Definition
| Recognized over time, in proportion to the amount of service performed |
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Term
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Definition
| refers to the date legal title to the product passes from seller to buyer |
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Term
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Definition
| Recognizes revenue and costs only when cash payments are received |
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Term
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Definition
| Deferral of all gross profit recognition until the cost of the item sold has been recovered |
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Term
| installment sales and cost recovery |
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Definition
| Two methods only used in unusual circumstances |
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