Chapter 19: Revenue Recognition
After studying this chapter you should be able to:
Apply the revenue recognition principle.
Describe accounting issues involved with revenue recognition at point of sale.
Apply the percentage-of-completion method for long-term contracts.
Apply the completed-contract method for long-term contracts.
Identify the proper accounting for losses on long-term contracts.
Identify alternative revenue recognition bases before delivery.
Describe the installment method of accounting.
Explain the cost recovery method of accounting.