auditing, 100 words

Anonymous
timer Asked: Mar 4th, 2018
account_balance_wallet $5

Question description

Find the Best Buy 10k for the fiscal year ended January 30th, 2017.

  1. Explain the company’s revenue recognition policies.
  2. The company explains that there are several uncertainties surrounding revenue recognition, one of which concerns gift cards. How does the company recognize revenue from gift cards?
  3. Briefly, what will the auditor need to test or investigate about Best Buy’s revenue recognition determination concerning gift cards?

Tutor Answer

prof.suki2004
School: Cornell University

Attached.

Surname 1
Auditing Assignment
Best Buy 10k link for the fiscal year ended January 30th, 2017 is found in the link below:
https://www.sec.gov/Archives/edgar/data/354950/000035495017000005/hd01292017x10xk.htm
a)

Explain the company’s revenue recognition policies.

Best buy has set out some revenue recognition policies. On page 26 and 38, the company only
realizes revenue when the customer obtains the merchandise and services. The company
estimates its sale...

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