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Accounting Revenue Recognition - Research Paper Example

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Based on the five year research and development agreement signed by SolvGen Inc. with Careway Pharma Inc.SolvGen has agreed to use its best scientist to research and developed enhanced commercial ready versions of a proprietary instrument set under development by CareWay …
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Accounting Revenue Recognition
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Download file to see previous pages SolvGen Inc has agreed to three separate deliverables: a) The commercial launch of the first instrument system Version 1- Delivered March 31 b) The commercial launch of an improved instrument system Version 2- Pending development c) The commercial launch of new improved instrument system Version 3-Pending development. The other part of their agreement is the five year distribution and license contract with Careway Inc. Under this agreement Careway will have the right to market and distribute their proprietary instrument systems developed in conjunction with SolvGen. SolvGen is responsible for producing the necessary volume to meet the demand requirements of CareWay after each product launch. The company is responsible to maintain adequate inventory and production quality control to meet client requirements. 2) Based on the generally accepted accounting principles (GAAP) it is common practice to use the revenue recognition principle which states that any current revenue has to be recognized in the accounting period on which it is earned. Therefore a company cannot realize as current revenue any payments that are part of a long term contract; these payments should be differed and systematically recognized over the remaining time of the agreement or contract. ...Download file to see next pagesRead More
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