15. ABC Co. started work on two separate projects during 20x1. Information on these projects is shown below: Project A B Contract price 9,000,000 8,000,000 Costs incurred 4,000,000 5,000,000 Estimated costs to complete 4,000,000 Progress billings 5,000,000 8,000,000

Q: What are the quantitative disclosures that must be done by lessee?

A:

Q: definition and recognition criteria of liabilities

A: Liability is the obligation to be repaid or loss to be met in future.

Q: State the accounting guidelines for derivative financial instruments.

A: Derivative: Derivative is a financial instrument whose value is derived from the underlying…

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A: Contract financing refers to the payment received against contracts. FAR 32 is the part of contract…

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A: Split-interest agreements: Split-interest agreements, often known as planned giving, are…

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A: The fair value of a liability is defined as the amount that would be paid when transferring a…

Q: When a contract includes an option to buy additional goods or services, when does that option give…

A: Contract: Contract is a written document that creates legal agreement between the parties for buying…

Q: What is the difference in Forward Contracts and Future Contracts

A:

Q: compare the disclosures relating to fi nance and operating leases;

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Q: Explain the accounting for contract modifications.

A: Contract modification may occur when any addition, change or cancellation of specific terms and…

Q: 1. Define and briefly discuss a loss contingency.

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Briefly explain the conditions when a contract modification shall be accounted for as a separate…

A:

Q: Oriole Inc. purchases an investment for $1,030 on January 1, 2024. This exposes the company to a…

A: IFRS (International Financial Reporting Standards) and ASPE (Accounting Standards for Private…

Q: GAAP requires that debt issue costs be recorded separately and amortized over the term of the…

A:

Q: What are the two subsequent measurement for financial asset? Who are part of the contract of lease

A: The financial assets is the kind of liquid assets that gets its value from the right of the contract…

Q: Knowledge Check 01 Which of the following describes the criteria that must be met for a contingent…

A:

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Q: What are the quantitative disclosures that must be done by lessor?

A:

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A: Contingent liabilities are those liabilities which has probability of chance to become a liability…

Q: Which Business Form Has The Advantage Af Limiled Liability?

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Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Q: Which of the following statements regarding liabilities is true? Liabilities arise through a…

A: Introduction:- Liability is someone legally responsible to pay another person or company.…

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A: The question is asking about the type of information that companies provide about performance…

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Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

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A: Transaction price: Transaction price is the amount of consideration that is estimated by the company…

Q: What is an onerous contract? Give two examples of an onerous contract.

A: When the cost of carrying out unavoidable obligations exceeds the benefit expected to be received…

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A: Operating Leasing- Operating lease the right related to the asset is not transferred to the…

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.