Sample Essay

Hewlett Packard generates revenue by selling products directly to customers or to distributors. The policies adapted by Hewlett Packard in recognizing revenues are as follows.

  1. The company recognizes revenues only when there is a fixed price of sold goods and all obligations on part of the company have been completed.
  2. Revenues related to uncertainties of customer acceptance are recognized when all issues are resolved and there are no refunds or returns to customers are outstanding.
  3. There is high certainty that revenues will eventually be collected.
  4. The cost from after sales obligation is accrued.
  5. The revenues from hardware sales are decreased to cater for estimated returns by customers.
  6. The only revenue recognized on delivery elements is limited to amounts that have no contingency related to future delivery and return and refund privileges of customers.
  7. Revenues are recognized when distributors, retailers and other value added providers have economic benefit other than that provided by Hewlett Packard (Hewlett Packard, 2008).

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