If a contract modification does not create a separate contract, it is accounted for using either a cumulative catch-up adjustment or a prospective approach. either a retrospective approach or a prospective approach. either a cumulative catch-up adjustment or a retrospective approach. either a cumulative catch-up adjustment, a prospective approach, or a retrospective approach.

Q: Temporary differences result in future taxable or deductible amounts when the related asset or…

A: Temporary differences result from timing differences between the recognition of income and expenses…

Q: which are the terms and conditions for OPTION CONTRACT WITH SIMULTANEOUS TITLE CLOSING?

A: The option contract is an obligation to purchase the property in the future at a fixed predefined…

Q: Determine whether the statement is legally correct (true) or not (false).  Even where the contract…

A: The business can be run by the individual in the form of sole proprietorship, or it can be run as a…

Q: The ability to meet short term obligations is termed

A: A short-term liability is referred to as the financing obligation that being liable to an…

Q: What rate is used when computing the present value of the new liability arising from modification of…

A: Present value represents the worth of money is more than in the future for the same amount.

Q: Under ASPE, the lessor is required to expense any direct costs associated with a lease up front.…

A: Accounting Standards for Private Enterprises Accounting Standards for Private Enterprises is an…

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

A:

Q: Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state…

A: A financial contract is an independently agreed agreement, contract, or sale, purchase, exchange,…

Q: the effect of the doctrine of privity of contract is that

A: The doctrine of privity of contract states that the contract law would not impose any obligation and…

Q: CFD is a derivative contract. Yes or No

A: Contract for Difference are also called as CFDs.

Q: Explain the accounting for contract modifications.

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

Q: xplicitly identified in the contract, it means that: a. the identified asset is never mentioned in…

A: When the asset is implicitly identified, this means asset is implied but is not directly expressed.…

Q: True or False. An arbitration clause in a contract requires that any dispute concerning the contract…

A: The arbitration clause works in case of legal disputes between parties. It deals with the party's…

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

A:

Q: A contract does not qualify for revenue recognition if Either party can unilaterally cancel the…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: The duty owed under the mitigation of damages doctrine depends on the nature of the breached…

A: A breach of contract occurs when one party in a binding agreement fails to deliver according to the…

Q: Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not…

A: Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not…

Q: The contract of sale is a consensual contract.   a. True b. False

A: Sales on Account A sales on account revenue is revenue earned by a company by selling its goods on…

Q: What are three similarities of a future contract and a forward contract?

A: Forwards are the contract made for the private placements while futures are traded under stock…

Q: Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False

A: Contract is referred as an enforceable agreement, which helps in defining, creating, and also…

Q: customer can direct the use of the asset. The asset is explicitly or implicitly identified in the…

A: Identified asset:I An asset whose fair value or market value can be calculated at particular given…

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…

Q: What two methods are identified in the Codification as appropriate in accounting for long-term…

A: Long term Construction Contract Construction contract are in different type in accordance with need…

Q: Access the FASB’s Codification Research System® at the FASB website (www.fasb.org) and select Basic…

A: Answer for the each of the following items:

Q: Distinguish between a conditional sale, on the one hand, and an absolute sale, on the other hand

A: Sale is a transaction between buyer and seller where seller transfers his asset to buyer in exchange…

Q: Why is the goodwill procedure best described as a revaluation procedure? No plagarism

A: The answer is provided as follows:

Q: A contract to sell is the same as a conditional contract of sale. Do you agree? Explain your answer.

A: A contract to sell is a contract that is legally binding and involves the purchase of products or…

Q: Which of the following damages are also referred to as special damages because they arise outside…

A: Option a: This option is incorrect because, liquidated damages are predetermined damages specified…

Q: What exceptions are there to contracts that normally require a writing to be enforceable?

A: It is being written under the law that all agreement which are in writing could only be enforceable…