A related party transaction is a transfer of resources, services or obligations between a reporting entity and...........

Q: Explain the differences between upstream and downstream intra-entity transfers, as well as how each…

A: Intra-entity transfer refers to transfer of goods or products among the entities. More often, such…

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

Q: Describe the exchanges in nonmonetary asset.

A: A non-monetary transaction refers to a commercial or business transaction that happens without the…

Q: transaction, an event, and an arrangement.

A: Transaction, event and arrangement are commonly used in business or life to denote certain…

Q: What condition(s) qualif

A: A variable interest entity (VIE) refersto a legal business structure in which an capitalist features…

Q: 2. What indicators does the Codification list that suggest an entity is a principal? Determine the…

A:

Q: Patents are asset, liability, quity, revenue or expense?

A: Assets: These are the resources owned and controlled by business as a result of a past transaction…

Q: Define goodwill for accounting purposes

A: When one firm is acquired by another, an intangible asset known as goodwill is transferred together…

Q: 3. What determines the timing of revenue recognition with respect to licenses of symbolic…

A: Financial Accounting Standards Board (FASB): FASB is an independent 7 member board, of accounting…

Q: An entity presents an analysis of expenses using a classification based on: Group of answer choices…

A: In accordance with PAS 1, An Expenses recognized in Statement of profit or loss should be analyzed…

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: How is a change in entity recorded?

A: Change in reporting entity:   A change in reporting entity occurs when two or more previously…

Q: Explain and distinguish the difference between a transaction, an event and an arrangement.

A: The accounting equation is expressed in the form al an equation, that is, an asset must be equal to…

Q: What are goods "in transit" and good in "consignment"? Why are they must be considered in light of…

A: The goods in transit are all such goods which has left the dock of seller and not yet reached the…

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…

Q: iscuss the role of a receiver. How does the role of a receiver differ from that of the administrator…

A: Step 1 An  Receiver is appointed  by the Insolvency Service Board  on the orders of  court to act in…

Q: Discuss creation of principal and agency relationship. What is vicarious liability?

A: At the point when an individual connects with another to follow up for his sake it makes a connec…

Q: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.