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I did not read the info, just went into the bpo form, which was very easy/simple. But, after all inputs were done, I realized I had to pay, and I did not have no money on me or in my account. Gilbie was an excellent agent who helped me out to at least get a print out. The software could only print, but couldn't save. I think if I am going to do this often, I will love to purchase this software. Thanks.
2014-09-16
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2015-07-20
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2019-11-29
Great for using templates
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There are similar programs that allow you to do the same thing it might change spacing, or other aspects of a document.
2018-05-04
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2024-05-31
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2022-12-14
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2022-12-01
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2022-11-01
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2025-02-05
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What is a combined contract?
Combination of contracts is required when one or more of the following criteria are met (see ASC 606-10-25-9): a) The contracts are negotiated as a single bundle or package with a single business objective. b) Consideration in one contract is tied to the price or performance of the other contract(s).
What is a contract under ASC 606?
FAST ASC 606-10-25-2 through 25-8 A contract is an agreement between two or more parties that creates enforceable rights and obligations. Enforceability of the rights and obligations in the contract is a matter of law. Contracts can be written, oral, or implied by an entity's customary business practices.
Is a purchase order a contract under ASC 606?
No, the fact pattern given does not appear to satisfy all the required criteria in paragraph ASC 606-10-25-1 to be considered a contract from an accounting perspective. While the blanket purchase order suggests an agreement exists, there appears to be no enforceable rights and obligations.
What is a material right under ASC 606?
ASC 606 introduces the new concept of a material right, which requires significant judgement on the part of management. A material right is an option to purchase additional goods or services at a price that is less than what the customer would have paid if they had not entered into the contract.
How is ASC 606 different?
ASC 606 focuses on the transfer of control rather than the satisfaction of obligations prescribed by ASC 605. It's a principles-based framework that introduces more judgement into the revenue recognition process. Its core principles are focused on the nature of the promises in a contract.
What is ASC 606 summary?
The Accounting Standard Codification 606, or ASC 606, made its debut in May 2014. It is an industry-neutral revenue recognition model designed to increase financial statement comparability among companies and industries. The objective is to decrease complexity involved with the current models for revenue recognition.
Can you recognize revenue without a signed contract?
Revenue Recognition: Contract Enforceability Provisions. Under the guidance in ASC 605, when an entity is able to demonstrate through past arrangements that the revenue is either realized or realizable and earned, an entity can recognize revenue even without the presence of a legally signed contract.
Can you recognize revenue before delivery?
Revenue can be recognized at the point of sale, before, and after delivery, or as part of a special sales transaction. The transactions that apply to recognizing revenue before delivery fall into three subcategories: Prior to Production: includes scenarios involving the contracting of sales well ahead of delivery.
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