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Q1) Many companies sell products allowing 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 the criteria, most criteria of which is that seller should be able to make reliable estimates of future returns.

prepare all six criteria which should be met before revenue can be identified when right of return exists.

Accounting Basics, Accounting

  • Category:- Accounting Basics
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