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Q1) Many companies sell products permitting their customers right to return merchandise if they are not satisfied. Because return of merchandise can retroactively negate benefits of having made a sale, seller should meet certain criteria before revenue is identified in situations when right of return exists. SFAS No.48, Revenue recognition when right of return exists, lists criteria, most criteria of which is that the seller should be able to make reliable estimates of future returns.

Using Edgarscan (edgarscan.pwcglobal.com) access 10-k reports for most recent fiscal year for Hewlett Packard Company and for Advanced Micro Devices, Inc. search for revenue recognition policy to find out when these two companies identify revenue for product sales allowing customers right of return.

Accounting Basics, Accounting

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