Onerous contract Onerous contract provisions are measured at:a) Full contract valueb) Lower of cost of fulfilling or terminatingc) Market valued) Original contract price

Explanation of Onerous Contract: An onerous contract is one where the unavoidable costs of meeting…

Answered: Onerous contract provisions are…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 3Q

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When a contract includes an option to buy additional goods or services, when does that option give rise to a performance obligation?
Identify the best and worst types of contract on the basis of payment
Understand how variable consideration and other aspects of contracts affect the calculation and allocation of the transaction price.
Define contract laibilities.
How is the contract-based approach (IFRS) and the earnings approach (ASPE) used for allocating the transaction price to various separate performance obligations? What are it's similarities/differences?
Provide answer
For what reasons should the percentage-of-completionmethod be used over the completed-contract methodwhenever possible?
The embedded derivative in a hybrid contract should be? a) Always separated b) Never separated c) Separated if meeting specific criteria d) Recorded at cost only
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.
Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts qualify as performance obligations
Which
What is the proper accounting for a wholly unperformed contract?

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Onerous contract provisions are measured at: a) Full contract value b) Lower of cost of fulfilling or terminating c) Market value d) Original contract price