What is the appropriate revenue recognition procedure for upfront payments received in a contract with a customer?
A) capitalize and amortize over the contract term
B) defer recognition until the end of the contract
C) recognize immediately
D) recognize whenever the related performance obligation is satisfied
D
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The purpose of sales training needs assessment is to compare the specific performance-related skills, attitudes, perceptions, and behaviors required for salesforce success to the
a. salesforce rating results of a customer survey. b. performance test results of each salesperson. c. job analysis of each sales position. d. state of readiness of the salesforce. e. personal observations of various salespeople recorded by sales managers.
After audit procedures are completed, a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up audit documentation review. This second review usually focuses on
a. Whether the financial statements are consistent with the auditor's understanding of the entity b. Fraud involving the client's management and its employees c. The materiality of the adjusting entries proposed by the audit staff d. The communication of internal control weaknesses to those charged with governance