Onerous contract provisions are measured at: a) Full contract value b) Market value c) Lower of cost of fulfilling or terminating d) Original contract price
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- 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 plansIdentify the best and worst types of contract on the basis of paymentIf 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.
- _____ 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 contractSUBJECT: Financial AccountingIf 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.
