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Revenue Recognition Fundamentals - Assessing and Analyzing Contracts (Course Id 2534)

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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 16 ||| Word Count: 6527 ||| Review Questions: 7 ||| Final Exam Questions: 5
CPE Credits : 1.0
IRS Credits : 0
Price : $12.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2534

Accounting, Revenue, Recognition, Fundamentals, Assessing, Analyzing, Contracts, cpe, cpa, online course
Overview :
  • Who is this course for?
    This course is intended for anyone needing Continuing Professional Education (CPE), including CPAs and accounting professionals seeking to stay compliant with NASBA requirements.

  • What is this course about or what problem does this course solve?
    The course provides a detailed overview of identifying a contract with a customer under ASC Topic 606, which is the first step in the revenue recognition process.

  • How can the knowledge from this course be used?
    Learners can apply the knowledge to accurately assess and analyze contracts for revenue recognition purposes in accordance with current accounting standards.

  • Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
    It helps professionals ensure compliance with ASC 606 by understanding and applying the foundational principles of revenue recognition, crucial for accurate financial reporting.

  • When is this course relevant or timely?
    This course is especially timely given the ongoing need for compliance with ASC 606, and it was last revised in April 2025 to ensure up-to-date content.

  • How is a course like this consumed or used?
    It is delivered as a QAS self-study text-based course, requiring the completion of a final exam with a minimum passing score of 70% to earn CPE credit.

Description :

This course offers a comprehensive overview of the first step in the revenue recognition process: identifying a contract with a customer. It explores key definitions, important considerations, and the detailed accounting guidance outlined in ASC Topic 606.     

Usage Rank : 25000
Release : 2025
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 : 14-Apr-2025
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 - NASBA Registry - 2534

Keywords : Accounting, Revenue, Recognition, Fundamentals, Assessing, Analyzing, Contracts, 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 Fundamentals - Assessing and Analyzing Contracts

Course Learning Objectives

Course Overview

Introduction

ASC 606 5-Step Process

The Contract

Approval and Commitment

Identification of Each Party’s Rights

Identification of Payment Terms

Review Questions

Commercial Substance

Probability of Collection of Substantially all of the Contract Consideration

Contract Criteria Not Met

Combination of Contracts

Unit of Account - Portfolio vs. Contract-by-Contract

Contract Modifications

Conclusion

Review Questions

Glossary of Key Terms

Click to go to: Revenue Recognition CPE | Revenue Recognition Courses
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