Commissions are usually charged when a right is exercised. a warrant is exercised. a right is sold. all of the above will have commissions A and B are correct, C is not correct
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Commissions are usually charged when a right is exercised. a warrant is exercised. a right is sold. all of the above will have commissions A and B are correct, C is not correct
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- According to Topic 606, in order to have a contract with a customer on which revenue should be recognized, collectability must be: O a. Remote. b. Possible. c. Probable. Od. Uncertain,The following are grounds for liability to pay damages, except: a. Negligence b. Fraud c. Contravention of the tenor of the obligation d. AdvanceContrast the constructive receipt doctrine with the claim of right doctrine.
- Which of the following is incorrect? A.To qualify as a liability, an obligation must be payable in cash or in goods and services. B.A copyright is an example of a liability. C.To qualify as a liability, an obligation must be scheduled for settlement at some future time. D.All of the aboveThe party to whom payment is to be made is called the payee. True FalseCPAs can advertise the fees only for their nonattest services. True or False?
- Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slanderTrue or False According to PFRS 15, if an entity expects that a portion of giftcertificates sold will not be redeemed, the entity recognizes theexpected breakage amount as revenue in proportion to the pattern of rights exercised by customerIf the transferor of receivables surrenders control over them, the transaction involving receivables is treated as a sale, and any gain or loss is recognized in earnings. Select one: O True False
- A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further negotiation and constitutes the indorsee as agent of the indorser. As agent, the indorsee has the right, among others, to a. receive payment of the instrument. b. demand payment of the instrument only. c. notify the drawer of the payment of the instrument. d. instruct that payment be made to the drawee.a. A person alternatively bound for the performance of different prestations shall completely perform all of them. b. As a rule, the right to choose which obligation to perform from among alternatives is conferred to the debtor. c. When from among the choices available only one is possible, the obligation in effect ceases to be alternative. d. Because it would be beneficial to the creditor, the debtor is allowed to perform all the obligations which are set in the alternative. which of the following is true?I. In case of conflict between revenue regulation and the provisions of NIRC, the former shall prevail. II. NIRC is a special law, thus in case of conflict with civil code, then the latter shall prevail. o Both are true o Both are false o Only I is true o Only II is true