sampleResponse.json

{
  "query": "Considering the context of Annual Reports (10-K) and Quarterly Reports (10-Q) filings of Apple Inc. from 2013 to 2021, and the 2023 Quarterly reports (as the Annual report is still pending), how might the Revenue Recognition section in the 2022 Notes to Consolidated Financial Statements be articulated based on historical data?",
  "template": "{context} Question: {question} Helpful Answer:",
  "response": "Basis of Presentation and Preparation\n\nThe accompanying consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles (\u201cGAAP\u201d) requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.\n\nThe Company\u2019s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. The Company\u2019s fiscal year 2022 spanned 52 weeks. Unless otherwise stated, references to particular years, quarters, months, and periods refer to the Company\u2019s fiscal years ended in September and the associated quarters, months, and periods of those fiscal years.\n\nRevenue Recognition\n\nNet sales consist primarily of revenue from the sale of hardware, software, digital content and applications, accessories, and service and support contracts. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable.\n\nProduct is considered delivered to the customer once it has been shipped and title, risk of loss, and rewards of ownership have been transferred. For most of the Company\u2019s product sales, these criteria are met at the time the product is shipped. For online sales to individuals, for some sales to education customers in the U.S., and for certain other sales, the Company defers revenue until the customer receives the product because the Company retains a portion of the risk of loss on these sales during transit.\n\nThe Company recognizes revenue from the sale of hardware products, software bundled with hardware that is essential to the functionality of the hardware, and third-party digital content sold on the iTunes Store in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry-specific software accounting guidance for the following types of sales transactions: (i) standalone sales of software products, (ii) sales of software upgrades and (iii) sales of software bundled with hardware not essential to the functionality of the hardware.\n\nFor the sale of most third-party products, the Company recognizes revenue based on the gross amount billed to customers because the Company establishes its own pricing for such products, retains related inventory risk for physical products, is the primary obligor to the customer, and assumes the credit risk for amounts billed to its customers. For third-party applications sold through the App Store and Mac App Store and certain digital content sold through the iTunes Store, the Company"
}