This accounting assignment focuses on the proper recognition of revenue. It presents a case study of Pewter Ltd., a company facing challenges in applying revenue recognition principles due to an unusual sales agreement. The student is tasked with analyzing the situation, explaining relevant accounting standards (AASB 1004 and IAS 2), and advising Pewter Ltd. on the appropriate accounting treatment for revenue, cost of sales, inventory, and store rent expenses. The assignment emphasizes the importance of understanding the timing of revenue recognition and the impact of different accounting practices.