To determine if a performance obligation exists,   A. none of the alternatives are correct.   B. a customer must be able to benefit from the product or service.   C. the company must provide a distinct product or service.   D. all of the other alternatives are correct.

Q: When reporting information, the most important thing to be considered is that, the cost. a. Should…

A: When reporting information, the most important thing to be considered is that, the cost Should be…

Q: Label each of the following statements as either true (“T”) or false (“F”). An opportunity cost is…

A: Answer:   True.

Q: Any cost that is avoidable is relevant for decision purposes. O A. True O B. False

A: Relevant costs are those costs that are affected by the specific management decision being…

Q: What is a characteristic of pay for performance? O Pays all providers the same amount O Creates…

A: Pay for performance has been introduced to order to motivate the employees to improve their…

Q: Which of the following conditions would violate the revenue recognition principle? Revenue is…

A: Revenue: This is the income of a firm during an accounting period. The income is recognized as and…

Q: Which of the following is not a factor to consider when deciding whether to accept a special order?…

A: It is the process of making decisions that involve the management of costs in order to achieve…

Q: Information in a company’s first IFRS statements must: a.    have a cost that does not exceed the…

A: Definition:   International Financial Reporting Standards (IFRS): IFRS is a set of international…

Q: "ABC systems may result in misallocation of indirect costs." Do you agree? Give reasons for your…

A: ABC system means Activity Based Costing system in which all indirect costs or overhead costs are…

Q: What is customer value? Choose the correct. A. Ratio between the customer's perceived benefits…

A: A customer is an entity that buys goods or services from third parties. Accumulating a profitable…

Q: n a decision analysis situation, which one of the following costs is generally not relevant to the…

A: Decision making is the process used to choose one of the various available alternatives. Examples of…

Q: Explain why, in most cases, a seller recognizes revenue when it delivers its product rather than…

A:

Q: Which of the following statements is false? (You may select more than one answer.)a. Under some…

A: Sunk Cost: It is refers to the cost or the expense that had incurred in the past and can no longer…

Q: True or false A cost center manager does not have the ability to produce revenue.

A: Cost centre manager involves in the work of cost related to the product he has not an ability to…

Q: What is the definition of cost?

A: In the business, costs are the important measures to determine the value of elements being purchased…

Q: Cite a specific example of non-value added activity that can be eliminated in a particular industry.…

A: NVA activities are tasks that do not add to the shape or function of the market. Filing, copying,…

Q: Allocating a transaction price to multiple performance obligations includes which of the following…

A: IFRS 15 Revenue from Contract with Customers prescribes five steps to recognize the revenue :…

Q: Which statement is FALSE about product-market fit?

A: Product market fit is a strategy to find which product caters to the demand of the market. It is…

Q: When a transaction involves multiple performance obligations in a single transaction Select one :…

A: Answer  As per the IFRS 115 revenue recognition  the revenue should only be recognized only when…

Q: Business that are exempt from output VAT but entitle to input VAT are   A. Vat Exempt Persons B.…

A: Value Added Tax is a novel form of levying tax on goods and services. It is paid to the credit of…

Q: elevant for decision making purposes. Explain ii. Why opportunity cost is measured and relate with…

A: SOLUTION-1 DIFFERENTIAL COSTS OR RELEVANT COST -THEY ARE THE COST THAT IS AFFECTED BY THE DECISION…

Q: Which of the following costs can be ignored when making a decision? a. Opportunity costs. b.…

A: Sunk cost can be ignored when making a decision. It is irrelevant cost for decision making.  Sunk…

Q: Businesses that are exempt from output and input VAT are

A: VAT is value added tax which is paid at each stage of supply chain. The input tax is paid when there…

Q: External failure costs include all of the following costs except those related to: a. Lost sales and…

A: Internal failure costs are quality costs incurred as a result of product problems recognized before…

Q: When there are potential multiple obligations within a single contract, and the products or services…

A: As per IFRS 15 -Revenue recognition- The principal of recognition of revenue is  1. Identify the…

Q: Which of the following statements are false?  SELECT ALL THAT APPLY a. One of the dangers of…

A: Relevant cost seems to be a word used in managerial accounting to indicate avoidable expenditures…

Q: 1. How are value added activities are defined from a customer viewpoint? 2. Additionally, provide…

A: Value-added activities:  Any activity in a process that is essential to deliver the service or…

Q: The objective of profit maximization should be constrained by the requirement thatprofits be…

A: The ultimate purpose of any firm is to raise profits, which can lead to profit-motivation conflicts…

Q: Are there any requirements for which cost flow assumption is selected for use by a company?

A: The process of removal of costs from the inventory of the company and identification of that costs…

Q: In applying the revenue recognition​ principle, which of the following statements regarding multiple…

A: Explanation: For an example  If an entity has signed a contract that has to perform more than one…

Q: Consider the following statements concerning costs.        1. A committed cost cannot vary with the…

A: Committed costs are costs that are committed or fixed to be incurred in future period of time.…