INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Students have asked these similar questions
State a feature that distingues between a Non-trading Organization from a commercial organization.
For PFRS 15 to apply, a contract with a customer should meet which of the following conditions?
I. The contract has been approved by the parties to the contract.
II. Each party's rights in relation to the goods or services to be transferred can be identified.
III. The payment terms for the goods or services to be transferred can be identified.
IV. The contract has commercial substance.
V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected.
A.I, III, IV and V
B.I, II, III and IV
C.I, II, III, IV and V
D.I. II. III and V
What are some of the main differnces between IFRS and ASPE for business combinations?
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Similar questions
- Why might different companies account for similar transactions in different ways?arrow_forwardWhich of the below mentioned PPIs issued by an entity for facilitating the purchase of goods and services from that entity only a. Closed System PPI's b. Semi Closed System PPI's c. Open System PPI's d. NPCIarrow_forwardThe following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15:I. The parties have approved the contract and are committed to perform their respective obligations.II. Each party’s rights regarding the goods or services to be transferred can be identified.III. Payment terms can be identified.IV. The contract has commercial substance.V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer. I only I, II, and IV only All of the above I, II, IV, and V onlyarrow_forward
- How does double entry bookkeeping work in Joint Venture?arrow_forwardIf a seller enters into more than one contract with a specific customer, when should the contracts be combined and treated as a single contract?arrow_forwardThe 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.arrow_forward
- What does it mean to say that a trade was internalized at abroker-dealer?arrow_forwardWhich of the following is NOT a characteristic of a forward contract? Forwards are private contracts between two private parties who interacts directly with each other O Forwards maybe settled by the actual delivery of the agreed-upon commodity or net cash payment. Forwards are customized contracts Forwards are public contracts which are mostly transacted thru an authorized s are public entityarrow_forwardDetermine the timing of revenue recognition with respect to licenses, franchises, and other common arrangements.arrow_forward
- Under PFRS 15, in which of the following instances will the revenue from contracts with customers be recognized at a point in time instead of over time? Group of answer choices When the entity’s performance creates or enhances an asset that the customer controls as the asset is created. When the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs. When the entity has transferred physical possession and legal title to the asset to the customer When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.arrow_forwardWhich of the following would most likely be considered as a separate performance obligation in relation to a franchise. agreement? [A] Grant of license to use the franchisor's trade name [B] Transfer of equipment to be used in the franchisee's business [C] Franchisor's promise to undertake activities to support the franchise [D] Grant of license to access the franchisor's research database as a special arrangement and without a specific stand-alone pricearrow_forwardAn agency relationship is established between the broker andarrow_forward
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