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Homework answers / question archive / SKM1 — SKM1 TASK 1: REVENUE RECOGNITION ACCOUNTING RESEARCH AND CRITICAL THINKING — D252 PRFA — SKM1 TASK OVERVIEW SUBMISSIONS EVALUATION REPORT COMPETENCIES 3108

SKM1 — SKM1 TASK 1: REVENUE RECOGNITION ACCOUNTING RESEARCH AND CRITICAL THINKING — D252 PRFA — SKM1 TASK OVERVIEW SUBMISSIONS EVALUATION REPORT COMPETENCIES 3108

Accounting

SKM1 — SKM1 TASK 1: REVENUE RECOGNITION
ACCOUNTING RESEARCH AND CRITICAL THINKING — D252
PRFA — SKM1
TASK OVERVIEW SUBMISSIONS EVALUATION REPORT
COMPETENCIES
3108.1.1: Explains Sources of Professional Research in Accounting
The learner explains primary and secondary sources of professional research as used in the accounting field.
3108.1.2: Applies Critical Thinking and Writing Skills in Accounting Research
The learner applies critical thinking and effective writing skills for the professional accountant.
3108.1.3: Researches Accounting Issues Utilizing Public Databases
The learner researches financial accounting issues with appropriate tools, including research question development, source validation, and sorted and validated data from public
databases.
This task helps prepare you to conduct efficient research, think critically, and provide effective communication in an accounting situation. The new standard for revenue recognition
and Financial Accounting Standards Board (FASB) Codification will be used for the research element of this task.
KTSB Manufacturing and Distributions Company Inc. (KTSB) has entered into an agreement to sell computers to Ramesses || stores. You will review the attached scenario and
agreement for potential accounting issues related to Topic 606, Revenue from Contracts with Customers, in the Accounting Standards Codification (the Codification) from the
Financial Accounting Standards Board. Once you have identified the issues, you will write a memo to KTSB’s management in which you will summarize the agreement’s relevant
facts, describe the specific accounting issue(s), identify the appropriate authoritative guidance, analyze the issue(s), and recommend an accounting treatment.
KTSB Manufacturing and Distribution Company, Inc. (KTSB) manufactures and distributes two computers. Model E is its basic model that is designed for everyday use. Model G is
designed for the dedicated gamer. Both models come with a three-year manufacturer’s warranty, which covers the basic functionality of the product. Only 5% of customers
historically have filed claims related to the computers. The models are currently sold across the country via KTSB’s website, social media, and targeted TV ads. The company has two
manufacturing plants, one in the Pacific Northwest and one in the Pacific Southwest. The company does not have retail stores. The company’s sales of the two products have
remained stable through its website, but anticipated growth has not materialized.
On April 17, KTSB’s management entered into an agreement to sell Model E to Ramesses I]. Ramesses II is a well-established retail chain and has stores in every state in the
continental U.S. It offers personal computers, computer peripheral equipment, and consumer video and audio products. The agreement is vital to the growth of KTSB (see the
attached “KTSB and Ramesses II Agreement”).
REQUIREMENTS
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly
quoted or closely paraphrased from sources, even if cited correctly. The similarity report that is provided when you submit your task can be used as a guide.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be
evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Tasks may not be submitted as cloud links, such as links to Google Docs, Google Slides, OneDrive, etc., unless specified in the task requirements. All other submissions must be file
types that are uploaded and submitted as attachments (e.g., .docx, .pdf, .ppt).
A. After reviewing the specifics of the agreement between KTSB and Ramesses II in the attached “KTSB and Ramesses II Agreement,’ list the potential accounting issues related to
KTSB’s recognition of revenue on the sale of the computers to Ramesses II, including the following for each accounting issue:
e the characteristics of the agreement that generated the revenue recognition issue
e the revenue recognition issue generated
B. Prepare amemo to KTSB’s management in which you address each of the issues you listed in part A by doing the following:
1. Summarize the relevant facts of the scenario and agreement.
2. Describe the specific accounting issues.
3. Identify the appropriate authoritative guidance (topic, subtopic(s), section(s), and subsection(s)) for eachissue using the "FASB Accounting Standards Codification Database”
web link.
4. Analyze the research for the accounting issues.
5. Recommend an accounting treatment for each accounting issue.
C. Acknowledge sources, using APA-formatted in-text citations and references, for content that is quoted, paraphrased, or summarized.
D. Demonstrate professional communication in the content and presentation of your submission.
File Restrictions
File name may contain only letters, numbers, spaces, and these symbols: !-_.*'()
File size limit: 200 MB
File types allowed: doc, docx, rtf, xls, xlsx, ppt, pptx, odt, pdf, txt, qt, mov, mpg, avi, Mp3, wav, mp4, wma, flv, asf, mpeg, wmv, m4y, svg, tif, tiff, joeg, jpg, gif, png, zip, rar, tar, 7z

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