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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Identify the best and worst types of contract on the basis of payment
Which of the following should be avoided in a contract if cost certainty is important? Cost-of-living clauses Gainsharing clauses Profit sharing plans Piece-rate pay plans
If a contract modification adds distinct goods or services and the contract price increases by an amount that reflects the stand-alone selling price of the added goods or services, then the contract modification should be accounted for By cumulative catch-up method. By prospective method. As a new separate contract. None of these choices.
Define contract laibilities.
A contract modification always results in a new contract if the modification adds distinct goods or services at a price that reflects their stand-alone selling price. A. True B. False
Provide answer
what is fixed-price contract, and what are the benfit of chosing it ?
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.
Which
What is the proper accounting for a wholly unperformed contract?
_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract
Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choices

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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