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A friend of yours who is not an accountant heard a story on the news about revenue recognition fraud and doesn’t understand what that means.
Research the Internet to find a relevant article about revenue recognition fraud from an accounting publication or authoritative source regarding revenue recognition fraud.
Based on your research, explain what is meant by the GAAP terms recognition and earned.
Based on your research, explain why revenue recognition is an area of significant concern as it relates to ethical behavior of management.
If you were in the situation described, explain to your friend what you would have done to prevent or remedy the revenue recognition fraud.
Include in-text citations and references where appropriate.
In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.
The following grading criteria will apply to this assignment:
Grading Criteria
Based on your research, explain what is meant by the GAAP terms recognition and earned.
25%
Based on your research, explain why revenue recognition is an area of significant concern as it relates to ethical behavior of management.
25%
If you were in the situation described, explain to your friend what you would have done to prevent or remedy the revenue recognition fraud.
20%