Discuss generally how revenue should be recognized at interim dates and specifically how revenue should be recognized for industries subject to large seasonal fluctuations in revenue and for long term
V Part. 1- Rensing Company "s December 31 year end financial statements contained the followings errors: Dec 31 2007 Dec 31 2008 Ending Inventory $7,500 understated $11,000 overstated Depreciation Expense 2,000 understated