Describe the conditions when contract assets and liabilitiesare recognized and presented in financial statements.

Q: Describe the accounting for refund liabilities.

A: Liabilities:   The liabilities are the amount of money which a business has to pay to the outside…

Q: What types of contractual obligations must be disclosedin great detail in the notes to the balance…

A: Balance Sheet: A balance sheet is a financial statement that reports the financial position of the…

Q: State the accounting guidelines for derivative financial instruments.

A: Derivative: Derivative is a financial instrument whose value is derived from the underlying…

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

Q: Compute the consignment income to be reported by the consignor

A: Consignment is a arrangement of principal and agent where cosignor the principal sends goods the…

Q: Explain the importance of a contract in the revenue recognitionprocess.

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Q: Explain the accounting for contract modifications.

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

Q: If the outcome of a long-term contract can be measured reliably, the preferred accounting method…

A: The percentage of completion method is an accounting technique in which long-term deed income and…

Q: Define Accrual accounting.

A:

Q: Define contract assets.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

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

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

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

Q: Define the term Contract Modifications.

A: Accounting: Accounting is an art of collecting, recording, summarizing and presenting the financial…

Q: erecognition of Provision PAS 37

A: Definition IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting…

Q: Define the contract liabilities.

A: Liability: Liabilities include the claims of the creditors on the assets of the business. The…

Q: Define agency debt

A: Agency debt are generally the debentures, bonds which is issued by agencies such as federal agencies…

Q: Must obligations be known contractual debts in order to be reported as liabilities?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: 1 State whether or not the contract should be accepted and support your conclusion with appropriate…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Define the term contract assets.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Partial satisfaction of a multiple performance obligation is reported on the balance sheet asa.…

A: Performance obligation: A performance obligation is a promise made by a seller to transfer the goods…

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: Explain the difference between contract assets, contract liabilities, and accounts receivable.

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: Characterize accrued liabilities and liabilities from advance collection and describe when and how…

A: The liabilities are the amount of money which a company has to pay to others. It includes accrued…

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Q: Describe the obligations of postretirement.

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Q: Why does “Identify the performance obligation(s) in the contract,” is important? Explain with…

A: Definition: Performance obligation: A performance obligation is a promise to transfer to the…

Q: Explain the reporting for (a) costs to fulfill a contract and (b) collectibility.

A: Fulfillment costs are divided into two categories: (1) Those that arise from assets; (2) Those that…

Q: Which are the terms and condition on CONTRACT FOR FUTURE DEED?

A: Contract for future deed is an agreement which provides for the finance by the seller for the sale…

Q: Indicate how to present and analyze liabilities and contingencies.

A: The liabilities are the amount of money which a business has to pay to the outside parties. The…

Q: Define Contract . Identify and briefly discuss all the essential elements of a contract .

A: A legal contract is an agreement between two parties that creates mutual, legally enforceable…

Q: Costs of a product that are regarded as an asset for financial reporting under GAAP are called

A: Cost of product are regarded as an asset if the product is not yet sold. Product cost are also known…

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: what kind of account is contract fees

A: Definition: Revenues: Revenues are earnings from the operations of a business. The operating…

Q: Discuss the accounting and reporting requirements for leasing contracts with unique characteristics.

A: Given : This question explains about the accounting and reporting requirements for leasing contracts…

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…