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
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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 plansOnerous contractIf 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.
- In order to create a separating equilibrium, low-risk drivers should be charged: Low deductible and high premiums High deductible and low premiums High premiums with no deductibleWhen there are potential multiple obligations within a single contract, and the products or services are highly interdependent and interrelated, then they are Question 1 options: sold separately. combined and reported as a single performance obligation. combined under a new contract. accounted for as separate performance obligations.Please answer with reason for all why the option is correct and why the other options are incorrect
- Is the “forward price” the same thing as the “value of the forward contract” Explain.A contract modification always results in a new contract if the modification adds distinct goods or services at a price that reflects their stand-alone selling price. A. True B. FalseI. PFRS 15 provides that where a contract with a customer has multiple performance obligations, an entity will allocate the transaction price to the performance obligations in the contract by reference to their relative standalone selling prices However, if a standalone selling price is not directly observable, the entity will need to estimate it. PFRS 15 suggests the following various methods to estimate the standalone selling price of each performance obligation, exceptA. NetRealizableValueApproachB. AdjustedMarketAssessmentApproach C. ExpectedCostPlusAMarginApproach D. ResidualApproach II. PFRS 15 provides that an entity recognizes revenue from contract with customer over time if anyof the following criteria is met, exceptA. The customer simultaneously receives and consumes all of the benefits provided by theentity as the entity performs.B. The entity's performance creates or enhances an asset that the customer controls as theasset is created.C. The entity has transferred physical…
