Answered: A franchise is a contractual…

A franchise is a contractual arrangement under which the franchisor grants the franchisee the right to sell certain products and/or to provide specific services. Select one: O True O False

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 3RE

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Which of the following is NOT the correct statements regarding forward contracts? I. contain a commitment to the owner, and are standardized. II. contain a commitment to the owner, and can be tailored to the desire of the owner. III. contain a right but not a commitment to the owner, and can be tailored to the desire of the owner. IV. contain a right but not a commitment to the owner, and are standardized. A. I, III, IV B. II, IV C. I, II, III D. I, II
11 The following item indicates that the promise good and service are not distinct, except Group of answer choices The good or service is highly interrelated with other goods or services promised in the contract. A license that the customer can benefit from only in conjunction with related service. The good or service significantly modifies another good or service promised in the contract. A license that forms a component of a tangible good and that is integral to the functional of the good
It’s a contract whereby a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. a. Contract of agency b. Contract of barter or exchange c. Contract for a piece of work d. None of the above
Contrast the constructive receipt doctrine with the claim of right doctrine.
Vicarious performance is where a. a third party performs an obligation in place of another person who is ultmately liable for a proper performance b. an employee performs an obligation inplace of another employee and the performing employee is liable for proper performance c. parties to a contract enter into another agreement that has the effect of transferring the liability to perform to a third party d. an employer performs an obligation in place of its employee and is liable for proper performance e. parties to a contract agree to terminate a contract and substitute a new contract in place of the old one.
Which of these three characteristics (I, II, and III) are required in order for a promised good or service to be considered distinct? Commercial substance Distinct within the context of the contract Capable of being distinct
Allocating a transaction price to multiple performance obligations includes which of the following steps: O Complete each performance obligation before recognizing any revenue from the contract. O All of these choices are correct. O Consolidate the components of the contract to two performance obligations because a contract should not have more than two performance obligations. O Allocate the transaction price based on relative fair values.The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).
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A common law employee-employer relationship exist: when the employer has the right to specify the end result and a. when the employee has the right to specify the end result and the ways and means by which the that result is to be attained. b. when the employer has the right to specify the end result and the ways and means by which the that result is to be attained. c. when neither the employer or the employee has the right to specify the end result and the ways and means by which the that result is to be attained. d. none of the aboe.
What exceptions are there to contracts that normally require a writing to be enforceable?
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