HW #1 Upload into Blackboard by 6:00 pm of the day of class or lose points for late submission. You are allowed to copy from the FASB codification if you indicate it with quotes. The articles referred...

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HW #1 Upload into Blackboard by 6:00 pm of the day of class or lose points for late submission. You are allowed to copy from the FASB codification if you indicate it with quotes. The articles referred to in the homework are loaded in blackboard. You can get the EY/PWC guidance from Course Materials on Blackboard or go to the EY/PWC website. http://www.ey.com/ul/en/accountinglink/current-topics-overview 1. Read the first revenue recognition article on Blackboard. Give at least 2 points that a working accountant will find useful (using complete sentences). 2. Read the second revenue recognition article on Blackboard. Give at least two points that a working accountant will find useful (using complete sentences). 3. Using the FASB Codification (found in the Checkpoint database) Identify and then define (in detail) the two factors that should be considered when determining whether to recognize revenue and gains during a period. 4. Look at ASC 605-15-25 Recognition General>  Sales of Product when Right of Return Exists and describe what factors should be considered when deciding how much revenue should be recognized in a period if a product is sold and the customer has a right of return. 5. Describe the thought process and considerations involved when a contract involves multiple deliverables (product and service; two difference services, etc). In other words, when do you treat the contract as a single combined sale and when might you have separate accounting for components of the contract? You can look to the ASC information or one of the EY documents. For #4, the ASC can be found in Checkpoint (a library database that can be found online here https://libguides.uiwtx.edu/az.php Under My Quick Links, choose Search FASB Codification to find ASC 605.