USA Revenue Recognition


Joined
Jan 5, 2015
Messages
1
Reaction score
0
A Bingo Hall recognizes Revenue as follows;
100 cards issued to seller, cards are $2/each
Seller returns 20 cards therefore they recognize 80 (sold) x $2 = $160 Sales Revenue

At the end of the shift the seller will turn in cash for all sales, should the seller be short they will recognize the shortage in a contra account for Revenue - Shortage.

Is this acceptable by US GAAP?
 
Ad

Advertisements

Samir

VIP Member
Joined
Aug 15, 2013
Messages
363
Reaction score
38
Country
United States
I don't know about about GAAP, but this is basically what we use for shifts where clerks or other employees are short.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top