August 4, 2016 
In 2015, FASB updated the revenue recognition standards. While most of the impact of the revised revenue standard will impact Intermediate Accounting coverage, some changes will also need to be made to update introductory financial accounting coverage. Using hypothetical examples featuring LL Bean, I have developed a set of classroom exercises (and solutions) that can be used to teach the new revenue recognition standard in the introductory financial accounting class.
This blog posting is different from my regular blog postings, as I am not posting a story and discussion questions as I usually do. I am, instead, providing the class exercise handout to give to students and the instructor’s guide to the new revenue recognition standard including solutions for the class exercises.
These exercises are designed to gently walk through all phases of revenue recognition that an introductory financial accounting student would normally see in the introductory course. All of the exercises are basic and straight-forward, solely focused on that introductory level course.
I hope you can use these examples and solutions. If you have different examples you use in your classes, I would love to hear about your examples.
Revenue Recognition Exercises
These resources are provided to give the instructor flexibility for use of Accounting in the Headlines articles in the classroom.
- Student handout (word): Contains eight exercises without solutions
- Instructor guide (word): Contains annotated solutions to the eight exercises
- Instructor PowerPoint slides (pptx): Contains eight exercises with solutions suitable for classroom presentation
This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
Accounting in the Headlines 
Great exercises for in class practice. Thanks Wendy for this and all of your other ‘Headlines’ that I use regularly in my classes.
Thank you! I am glad you find the content useful. Have a great day!
I am Happy to see your post .. Thank you for this informative blog.
Thank you so much. I am glad you find it of use.