Question- The contact asset The contract asset in revenue recognition representswhat?a) Unbilled amounts where performance occurredb) Advance payments receivedc) Accounts receivabled) Contract liability

Explanation of Contract Asset:A contract asset arises when a company has performed its obligations…

Answered: The contract asset in revenue…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 7CYBK

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Similar questions

Under PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivable
Explain the importance of a contract in the revenue recognitionprocess.
Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.
Explain the reporting for (a) costs to fulfill a contract and (b) collectibility.
The amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties" is the definition of Select one: O a. the contract. O b. the performance obligation. O c. the transaction price. - O d. the consideration.
Explain how to account for revenue on a long-term contract over time as opposed to at a point in time. Under what circumstances should revenue be recognized at the point in time a contract is completed?
A contract between one or more parties creates: a. the date that cash is paid by the customer b. enforceable rights and obligations for the parties c. revenue for recognition d. the fixed amount of payments for the good or service
Under PFRS 15, what is the specific point in time when the consignor satisfies its performance obligation under consignment contract? Upon remittance of cash by consignee to consignor. Upon delivery of consigned goods by consignor to consignee. Upon signing of contract of consignment by consignor and consignee. Upon sale of consigned goods by consignee to final consumers.
Explain the revenue recognition process when a performance obligation is satisfied over time according to IFRS 15-Revenue from Contracts with Customers.
When is an estimated loss on a long-term contract recognized, both for contracts that recognize revenue over time and those that recognize revenue at the point in time the contract is completed?
_____ 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
Explain the mind the relation between the recognition of deferred revenue associated with advance payments and the later recognition of revenue.

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The contract asset in revenue recognition represents what ? a) Unbilled amounts where performance occurred b) Advance payments received c) Accounts receivable d) Contract liability