ACC499 W5Assignment.docx ACC499 Week 5 Assignment Grantham University The income stat

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ACC499 W5Assignment.docx ACC499 Week 5 Assignment Grantham University The income statement begins with revenues from sales and services. Revenues are typically the single largest item on the inco... me statement, and thus a major determinant of a firm™s profitability. [ CITATION Wah18 \l 1033 ] Revenue recognition is part of the GAAP. It is when revenue is recognized and accounted for at a specific condition. It is realized usually when it is realized and earned, not necessarily when cash is received. Realized means when the goods or services are received by the customer. Measuring income for Sanders, a technology consulting firm. The Sanders Corporation recognizes revenue with the client through a written service contract. They recognize the provisions of their professional services. They have three types of primary contracts. The first one is a fixed time, fixed price contract. The company makes a signific. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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