Business, 01.11.2019 04:31 CaleWort92

Niwot co. sells products and service plans both separately and bundled together. willy loman, a niwot co. salesman, sold a widgetron in year 5 for $1,000, its normal price, and told the customer he’d "throw in the 3-year service plan for free," which the company normally sells for an additional $150. the product shipped, the customer paid, and $1,000 in revenue was recognized in year 5. is this correct? why or why not? a. this is incorrect because the service revenue must be treated as a separate performance obligation, allocated a portion of the $1,000 sales price, and have revenue for it recognized over the three years of the service plan. b. this is correct because the understanding between the seller and customer was that the product price was $1,000 and the service plan was free, which is in accordance with the principle of faithful representation. c. this is correct because the product shipped and the customer paid. d. this is incorrect because services must be rendered before any revenue can be recognized.

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cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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answer; conceptual skills;

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answer; yield to maturity;

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Niwot co. sells products and service plans both separately and bundled together. willy loman, a niwo...

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