Travel Concepts
Travel Concepts
Does the following situation violate any GAAP or concepts? If so, which one?
Harry Smith owns a travel tour service. Customers make a deposit of one-half the tour price at the time they book reservations. The balance is due 60 days prior to departure. Partial refunds are provided, depending on the date of cancellation. At the time deposits are received, Smith records them as revenue. Refunds are treated as expenses at the time they are made.
Does this violate any of these GAAP: 1) Historical cost basis 2) revenue recognition 3) matching principle 4) full disclosure
You need to answer this one by yourself, if you are an accounting student!
Travel Concepts Collection by Heys Snake-Print 5-piece L...
 |
 Heys Travel Concepts EXOTIC LEOPARD SAFARI Luggage Set  US $225.00
|
 Travel Concepts DOMINO 3-Pc 4WD Expandable Luggage Set US $209.00
|
 Travel Concepts VIAGGIO Expandable Luggage Set SILVER US $199.50
|
 Travel Concepts VIAGGIO 4WD Expandable Luggage Set BLUE US $199.50
|
 Travel Concepts Domino 3 Pc. Spinner Set - Silver US $240.00
|
 Travel Concepts Salisbury 3 Pc. Spinner Set - Silver US $240.00
|
 Travel Concepts 30" Viaggio Expandable Luggage BLACK US $80.00
|
 Travel Concepts Nova 3 Pc. Hardside Spinners Set US $280.00
|
 Travel Concepts Shield 3 Pc. Hardside Spinners Set US $280.00
|
 Travel Concepts Domino 3 Pc. Spinner Set - Fuschia US $240.00
|
 Travel Concepts Domino 3 Pc. Spinner Set - ORANGE US $240.00
|
 Travel Concepts Vector 3 Piece Hardside Spinner Luggage US $232.00
|
 Travel Concepts Domino 3 Pc. Spinner Set - BLACK US $240.00
|
 Travel Concepts VECTOR 4WD Expandble Luggage Set SILVER US $199.50
|
 Travel Concepts 30" Viaggio Expandable Luggage SILVER US $80.00
|
 Travel Concepts Salisbury 3 Pc. Spinner Set - BLACK US $240.00
|
 Travel Concepts Salisbury 3 Pc. Spinner Set - BLUE US $240.00
|
 NEW Travel Concepts The Berlin (TT5-18) - BLACK US $30.99
|
 Travel Concepts Shield 3 PC Hardside Spinner Luggage US $350.00
|
 Travel Concepts Shield 3 PC Hardside Spinner Luggage US $350.00
|
 Travel Concepts 30" Viaggio Expandable Luggage RED US $80.00
|
 Travel Concepts 20" Viaggio Expandable Luggage SILVER US $65.00
|
 Travel Concepts 26" Viaggio Expandable Luggage SILVER US $70.00
|
 Travel Concepts VECTOR 4WD Expandable Luggage Set PINK US $199.50
|
 Travel Concepts Navy Calgary 42" Roll Travel Duffel Bag US $30.00
|
 Travel Concepts Red Calgary 42" Roll Travel Duffel Bag US $30.00
|
 Travel Concepts Khaki Calgary 42" Roll Duffel Bag US $30.00
|
 Travel Concepts VECTOR EXPAND 8WD Luggage Set FUSHIA US $189.95
|
 Travel Concepts SAFARI 4WD Exotic Luggage Set LEOPARD US $239.00
|
 Travel Concepts Viaggio Expandable Luggage Set BLACK US $199.50
|
 Travel Concepts 20" Viaggio Expandable Luggage NAVY US $65.00
|
 Travel Concepts 26" Viaggio Expandable Luggage NAVY US $70.00
|
 Travel Concepts 20" Viaggio Expandable Luggage RED US $65.00
|
 Travel Concepts 26" Viaggio Expandable Luggage RED US $70.00
|
 Travel Concepts VIAGGIO 4WD Expandable Luggage Set RED US $199.50
|
 Travel Concepts Sidney 30" Rolling Duffel Bag (Red) US $52.19
|
 Travel Concepts RED PARALLEL 4WD Luggage Set HEYS USA US $209.00
|
 Travel Concepts VIAGGIO Expandable Luggage Set BLACK US $199.50
|
 Travel Concepts Sidney 20" Rolling Duffel Bag (Navy) US $39.14
|
 Travel Concepts Sidney 20" Rolling Duffel Bag (Red) US $39.14
|
 NEW Travel Concepts Sidney - HKY24 - RED HKY24-RED US $34.99
|
 NEW Travel Concepts Sidney - HKY20 - Red HKY20-RED US $32.99
|
 NEW Travel Concepts Sidney - HKY24 - Blue HKY24-BLUE US $34.99
|
 NEW Travel Concepts Sidney - HKY20 - Blue HKY20-BLUE US $32.99
|
 NEW Travel Concepts Sidney - HKY24 - Khaki HKY24-KHAKI US $34.99
|
 NEW Travel Concepts Sidney - HKY20 - Khaki HKY20-KHAKI US $32.99
|
 Travel Concepts Sidney 20" Rolling Duffel Bag (Black) US $39.14
|
 NEW Travel Concepts Big Five (TC01) - BLACK TC01-BLACK US $30.99
|
 Travel Concepts Sidney 24" Rolling Duffle Bag in Blue US $21.99
|
 NEW Travel Concepts Big Five (TC01) - NAVY/BLACK US $30.99
|
 NEW Travel Concepts Big Five (TC01) - RED/BLACK US $30.99
|
 Travel Concepts SILVER VIAGGIO 4WD Luggage Set HEYS USA US $189.95
|
 Travel Concepts SILVER PARALLEL 4W Luggage Set HEYS USA US $209.00
|
 Travel Concepts VERSAILLES Expandable Luggage Set GREY US $296.97
|
 Travel Concepts VERSAILLES Expandable Luggage Set RED US $296.97
|
 Travel Concepts NAVY VIAGGIO 4WD Luggage Set HEYS USA US $189.95
|
 Travel Concepts RED VIAGGIO 4WD Luggage Set HEYS USA US $189.95
|
 Heys Travel Concepts FORGE Expandble Luggage Set BLACK US $219.00
|
 Travel Concepts BLACK PARALLEL 4WD Luggage Set HEYS USA US $209.00
|
 Travel Concepts VERSAILLES Expand Luggage Set HEYS USA US $304.95
|
 Heys Travel Concepts FORGE Expandble Luggage Set SILVER US $219.00
|
 Travel Concepts Sidney 24" Rolling Duffle Bag in Khaki US $21.99
|
 Travel Concepts Big Five 22" Duffel Bag Pink / Black US $21.99
|
 Travel Concepts Sidney 20" Rolling Duffle Bag in Khaki US $19.99
|
 Sidney Travel Concepts HKY30 30"x19"'!5" Red US $16.06
|
 Cathys Concepts Dad's Canvas Travel Bag US $29.00
|
 Travel Concepts Berlin 18" Duffel Bag in Khaki US $21.99
|
 Travel Concepts Berlin 18" Duffel Bag in Blue US $21.99
|
 Travel Concepts Berlin 18" Duffel Bag in Black US $21.99
|
 Travel Concepts Safari 4 Piece Luggage Set in Zebra US $242.99
|
 Travel Concepts Big Five 13" Duffel Bag in Navy / Black US $21.99
|
 Travel Concepts ~ Nova 3 Pc. Hard Sided Luggage Set US $61.53
|
 Travel Concepts Parallel 3 Piece Luggage Set - RED US $240.00
|
 Travel Concepts 20" Viaggio Expandable Luggage BLACK US $65.00
|
 Travel Concepts 26" Viaggio Expandable Luggage BLACK US $70.00
|
 Travel Concepts The Berlin (TT5-18) - BLACK US $24.00
|
 Travel Concepts Madrid 3 Piece Luggage Set - NAVY US $88.00
|
 Travel Concepts Dallas 3 Piece Luggage Set - KHAKI US $80.00
|
 NEW Travel Concepts Big Five (TC01) - KHAKI/BLACK US $30.99
|
 Travel Concepts Dallas 3 Piece Luggage Set - BLACK US $80.00
|
| Powered by phpBay Pro |
