When the outcome of a construction contract cannot be estimated reliably, how shall contract revenue and contract costs associated with the construction contract be recognized?

Q: Based on the requirements and guidance of IFRS 15, one of the following is not considered part of…

A: Under the contract costing, there is an agreement made between two parties in respect of performing…

Q: Describe the accounting procedures that must be followed by a lessee when employing the operational…

A: The Question is about the accounting procedures that must be followed by a lessee when employing the…

Q: typically recognized as revenue: a. when billed if they are expected to be received within the…

A: As per concept of revenue recognition revenue is recognised only based on the type of activities…

Q: Describe the accounting and reporting for special features of lease arrangements.

A: Special features of lease arrangements: - Residual type - Sale type leases - Bargain purchase option…

Q: hich of the following statement about expected vesting period agrees with IFRS 2?

A:

Q: The accrual of restructuring costs creates obligations (liabilities) referred to as exit or disposal…

A: 1.

Q: Explain the accounting for contract modifications.

A: Contract modification may occur when any addition, change or cancellation of specific terms and…

Q: a) Using relevant examples, define and discuss the relevance of the following regulatory and…

A: (I) Licenses  A license is defined as "an official document or certificate issued by a government…

Q: accounting processes necessary for a lessee to use the operating lease technique.

A: Operating lease refers to the lease or contract which allows the asset use and it does not convey…

Q: Briefly explain the conditions when a contract modification shall be accounted for as a separate…

A:

Q: Identify the proper accounting for losses on long-term contracts.

A: Revenue recognition: Revenue recognition principle states that every business organization should…

Q: agreement at method e-of-completion method ent method

A: The revenue recognition method that is applied to long term contracts is percentage of completion…

Q: Explain an example of long-term construction contracts qualify for revenue recognition over time.

A: As per Accounting Standards Codification, revenue should be recognised when the seller satisfies…

Q: Explain the impact on lease accounting of other payments, including nonleasepayments, initial direct…

A: Uncertainties in lease transactions: There are several issues with respect to lease transactions…

Q: What are the two subsequent measurement for financial asset? Who are part of the contract of lease

A: The financial assets is the kind of liquid assets that gets its value from the right of the contract…

Q: Which of the following accounts would not appear on the income statement of a lessee in connection…

A: A finance lease indicates the agreement between the lessor and lessee where the former provide the…

Q: What is Revenue Recognition Companies should recognize revenue in the accounting period in which a…

A: Revenue: The entire amount of money received from the sales related to the main operation of the…

Q: What is the difference between the assignment of a take-out commitment to the construction lender…

A: Take-out commitment is an agreement between lender and borrower in which lender provides guarantee…

Q: 1. WHAT IS LONG-TERM CONSTRUCTION CONTRACTS? ELABORATE AND GIVE EXAMPLES OF LOCAL CONSTRUCTION…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Under the completed-contract method, the Contract Asset/Liability account balance will consist of O…

A: The completed contract method is an accounting approach where revenue and expenses from long-term…

Q: What are the two basic methods of accounting for longtermconstruction contracts? Indicate the…

A:

Q: All of the following are components of the defined benefit cost except   unvested past service…

A: Defined benefit cost includes: Service cost Expected return on plan assets Change in the effect of…

Q: How Goodwill is accounted for on financial statement. What is inter-company long-term construction…

A: Goodwill is an intangible asset reported under the non-current assets in the Balance sheet. Only…

Q: David Mendez Under the percentage-of-completion method, how should the balances of progress billings…

A: Progress Billings as income: Progress billings represent amounts billed to customers for work…

Q: The "Investment in Associate" account must be assessed for impairment at each reporting period. True…

A: The "Investment in Associate" account refers to an investment in an associate, which is a company…

Q: How can a single revenue recognition standard address all the complexities and unique clauses…

A: INTRODUCTION:- Revenue recognition is an important aspect of accounting and financial reporting, and…

Q: evenue is recognized for sold consignment goods when a. The consignee receives the goods b. When…

A: Solution: Revenue is recognized for sold consignment goods when "The goods are sold by the consignee…

Q: differentiate calculations BETWEEN leasing payment at END-OF-THE YEAR and BEGINNING OF THE YEAR?

A: The lease payment calculations are different for the beginning of the period and end of period…

Q: Identify the term being referred to: An agreement where one party conveys to the another party the…

A: The question contains an agreement between two parties . One party coveys the right to use the asset…

Q: What two methods are identified in the Codification as appropriate in accounting for long-term…

A: Long term Construction Contract Construction contract are in different type in accordance with need…

Q: Access the FASB’s Codification Research System® at the FASB website (www.fasb.org) and select Basic…

A: Answer for the each of the following items:

Q: Outline the accounting processes that must be followed by a lessee when using the operational lease…

A: The question deals with the accounting processes that must be followed by a lessee when using the…

Q: Access the FASB Accounting Standards Codification at the FASB website ( www.fasb.org ). Determine…

A:

Q: Describe the conditions when contract assets and liabilitiesare recognized and presented in…

A: Contract assets: It is the right of the firm to receive payment for the goods transferred or…

Q: Outline the accounting procedures involved in applying the operating lease method by a lessee.

A: Operational lease method: A process of using the asset for a rental payable in installments ir in…

Medicare

Medicare is one of the health insurances provided by the federal health insurance programs especially for elderly people who are 65 years old and above, young people with disabilities, and people affected with end-stage renal disease. The Medicare program covers medical services, nursing facilities, home health care, physician services, prescription drug, and hospital health care. Most of the population is getting benefited from the Medicare insurance program.