Consider the principles, assumptions and constraints of Generally Accepted Accounting Principles (GAAP) on Revenue Recognition.

1) Define the revenue recognition principle and explain why it is important to users of financial statements. (30%)

2) GAAP rules related to revenue recognition. (20%)

3) Explanation of Revenue Recognition rules using an example (20%)

4) In Enron’s bankruptcy, “Revenue Recognition” was one of the major issues. Discuss the revenue recognition issue in Enron Bankruptcy and explain what rules have been violated. (30%)

 

 

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