Initiating...
Configure the scenario and press Play to start the accounting flow.
Exam Alert
Watch out for this specific wording...
Standalone Prices (Reality)
$12,000
Allocate Discount
Allocated Revenue (GAAP)
$10,000
Point in Time
Recognize Now
Over Time
Recognize Later
STOP: No Contract exists
GAAP says: If you won't likely get paid, you can't book Revenue.
The Ledger
Current Journal Entry
No entry yet...