S1] Under the current PPRS, a franchisor recognizes the initial franchise fee as revenue in full at the commencement of the franchisee's business operation if the fee is for initial services to prepare the franchisee for business. [S2] A right to access is determined as a performance obligation when the franchisor's intellectual property is expected to change over the contract period. [A] Only S1 is true, [B] Only S2 is true. [C] Both are true. [D] Both are false.
[S1] Under the current PPRS, a franchisor recognizes the initial franchise fee as revenue in full at the commencement of the franchisee's business operation if the fee is for initial services to prepare the franchisee for business. [S2] A right to access is determined as a performance obligation when the franchisor's intellectual property is expected to change over the contract period.
[A] Only S1 is true,
[B] Only S2 is true.
[C] Both are true.
[D] Both are false.
ABC obtained 2 fire insurances for his commercial building. During the year, the commercial building was burned. What legal principle prohibits ABC from relaxing and just watch the commercial building burn?
[A] proximate cause
[B] loss minimization
[C] Contribution
[D] Indemnity
[S1] Where there is, double insurance, the insurers are to divide the loss ratably or in the ration each policy bears to the total insurance carried. [S2] When property is insured with different insurers against the same risk and total insurance carried exceeds the value of the property, there is over insurance by double insurance.
[A] both are true
[B] both are false
[C] S1 is true
[D] S2 is true
How should the operator in a BOT contract subsequently measure the consideration from the contract that is in the form of a financial asset?
[A] at amortized cost
[B] at fair value through other comprehensive income
[D] any of these
[C] at fair value through profit or loss
ABC Co., a consignee, paid the freight cost for goods shipped from DEF Co., consignor. These fright costs are to be deducted from ABC's payment to DEF when the consignment goods are sold. Until ABC sells the goods, the freight costs should be included in ABC's
[A] Cost of goods sold.
[B] Freight-out costs.
[C] Selling expenses.
[D]
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