recognized as termination benefit

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A: A contingent asset is an asset that depends upon the future events of the Company. These are the…

Q: At a board meeting in June 2020, Yes Co's directors made the decision to close down one of its…

A:

Q: Western Manufacturing is involved with several potential contingent liabilities. Your assignment is…

A: As per IAS 37 A contingent liability should be created and shown in the notes to accounts when…

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A: Following is the answer to the given question

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Q: A P1.75 million loss B P1.75 million profit C P550,000 loss D P550,000 profit

A:

Q: D. At the beginning of current year, Zamba Company announced the decision to close the factory…

A: Short term benefit given to 20 employees for retaining under termination plan.

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A: Redundancy cost is the sum of money given by the employer to the employee who has been redundant

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A:

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A:

Q: In August 2021, Commonlo Corp. commits to selling 100 of its merchandise to M&H Co. for P30,000…

A: SOLUTION INITIAL CONTRACT AMOUNT =30000 MODIFICATION IN CONTRACT =21600 TOTAL CONTRACT AMOUNT AFTER…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.