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…

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter13: Contracts And Sales:performance And Remedies

Section13.2: Contract Performance

Problem 4CQ

See similar textbooks

Similar questions

Identify the best and worst types of contract on the basis of payment
What is the difference in Forward Contracts and Future Contracts
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.
How contract is discharged by subsequent impossibility?
Define contract laibilities.
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.
A contract requiring a specified future monetary payment at a specified future point in time in exchange for the delivery of a specific asset is called a: *A. nonconvertible option.B. hedge.C. long contract.D. swap.
Which
What is the proper accounting for a wholly unperformed contract?

SEE MORE QUESTIONS

Recommended textbooks for you

Business Its Legal Ethical & Global Environment

Accounting

ISBN:

9781305224414

Author:

JENNINGS

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Business Its Legal Ethical & Global Environment

Accounting

ISBN:

9781305224414

Author:

JENNINGS

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

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