How do you handle a car dealership that sells a warranty contract to its customers for $650 that will cover the next 5 years?

Revenue Recognition (graded)

Hello Class;

When a company sells a product for cash, it generally recognizes the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.

1) How do you handle a car dealership that sells a warranty contract to its customers for $650 that will cover the next 5 years?

Time Value of Money Concepts (graded)

Hello Class;

You might think of the “time value of money” to be a topic for Finance class, but accountants need an understanding of this topic as well.

Let’s discuss where/why an accountant may need to use these skills/calculations.

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