IFRS 15 Revenue from Contracts with Customers requires strict recognition standards for revenue. Which of the following is correct for recognising revenue?A The sales of $1 million from Alby Co which comes from the repurchase agreement with its customer Bully Co. It is probable that Alby would repurchase the goods from Bully Co.B The sales of $200,000 from Cello Co acting as an agent for Dean Co.DThe sales of $10,000 from Elegant Co to the distributer Fusion Co. The Elegant Co remains the ability to direct the use of the asset, and obtains substantially all of the remaining benefits from theasset.Giant Co recognised the revenue of $173,554 for the sale of goods on 1 January 20X7. The amount is due for settlement for the two equal instalments of $100,000 on 1 January 20X8 and 1 January20X9. The cost of capital of 10%.

IFRS 15 emphasizes the transfer of control and the satisfaction of performance obligations. Each…

IFRS 15 Revenue from Contracts with Customers requires strict recognition standards for revenue. Which of the following is correct for recognising revenue? A The sales of $1 million from Alby Co which comes from the repurchase agreement with its customer Bully Co. It is probable that Alby would repurchase the goods from Bully Co. B The sales of $200,000 from Cello Co acting as an agent for Dean Co. The sales of $10,000 from Elegant Co to the distributer Fusion Co. The Elegant Co remains the ability to direct the use of the asset, and obtains substantially all of the remaining benefits from the с asset. Giant Co recognised the revenue of $173,554 for the sale of goods on 1 January 20X7. The amount is due for settlement for the two equal instalments of $100,000 on 1 January 20X8 and 1 January D 20X9. The cost of capital of 10%.

IFRS 15 Revenue from Contracts with Customers requires strict recognition standards for revenue. Which of the following is correct for recognising revenue? A The sales of $1 million from Alby Co which comes from the repurchase agreement with its customer Bully Co. It is probable that Alby would repurchase the goods from Bully Co. B The sales of $200,000 from Cello Co acting as an agent for Dean Co. The sales of $10,000 from Elegant Co to the distributer Fusion Co. The Elegant Co remains the ability to direct the use of the asset, and obtains substantially all of the remaining benefits from the с asset. Giant Co recognised the revenue of $173,554 for the sale of goods on 1 January 20X7. The amount is due for settlement for the two equal instalments of $100,000 on 1 January 20X8 and 1 January D 20X9. The cost of capital of 10%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How much is the minimum revenue that a single external customer must contribute for it to be considered as a major customer under IFRS 8?
pvn.2
4
Owefix
8 - What is the most risky payment method for the exporter company?A) Payment with acceptance creditB) Payment by letter of credit C) Pre-financingD) Cash against goods E) Advance payment
! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
i need the answer quickly
Please both subparts answer please no plagiarism
A company observes that the value date for an electronic transfer payment to one of Its suppliers for providing it with components, occurs 3 days earlier than if & issued a cheque for the same payment and value. So the company prefers to pay the suppler by cheque. When it realises this, the suppler offers a discount to the company to incentivise it to pay by electronic transfer instead of by cheque. How much of a discount in percentage terms should the discount offered by the supplier be? Assume that an electronic payment cost is 0.5 percent higher than the cost of issuing a cheque and that the prevalent market discount rate is 5 percent Also assume that there is float neutrality.
None
No hand written and fast answer with explanation
pvn.3