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  • Liability in The Period of Sale. Transaction

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    Jen Bernadette Ciego
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    Intermediate Accounting 2

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    Intermediate Accounting 2

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    3 views1 page

    Liability in The Period of Sale. Transaction

    Uploaded by

    Jen Bernadette Ciego
    Intermediate Accounting 2

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    [Type the document title]

    CHAPTER 2: PREMIUM LIABILITY


    Premiums - articles of value given to customers as result of past sales or sales promotion activities
    Cash Rebate Program - The estimated amount of the cash rebate should be recognized both as an expense and an estimated
    liability in the period of sale.
    Customer Loyalty Program - An entity shall account for the award credits as a separately component of the initial sale
    transaction.

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