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Revenue Recognition - Contract Assessment (Course Id 1928)

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Author : Kelen Camehl, CPA, MBA
Status : Production
CPE Credits : 1.0
IRS Credits : 0
Price : $12.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1928

Description :

This course provides an overview of the first step in the revenue recognition process – the identification of a contract with a customer.  This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606.  This course incorporates excerpts from the FASB’s basis for conclusions of the new revenue recognition standard as well as key excerpts from Big 4 revenue recognition guides in order to develop a comprehensive understanding of this step in the process.     

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 13-Dec-2021
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1928

Keywords : Accounting, Revenue, Recognition, Contract, Assessment, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
  • List the five steps involved in the new revenue recognition model
  • Recognize the overall considerations involved in identifying whether a contract exists
  • Identify how collectibility is assessed to determine whether a contract exists
Course Contents :

Chapter 1 - Revenue Recognition - Contract Assessment

Course Learning Objectives

Course Overview

Background

Changes Needed to Revenue Recognition

The Main Provisions

The Contract

Review Questions

Approval of the Contract / Commitment to Performance

Identification of Each Partys Rights

Identification of Payment Terms

Commercial Substance

Probability of Collection of Substantially all of the Contract Consideration

Contract Criteria Is Not Met

Combining Contracts

Contract Modifications

Review Questions

Glossary of Key Terms

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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