Determine if this shall result in recognition of liabilities 16.Sale of goods with product warranty a. yes b. no
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Determine if this shall result in recognition of liabilities
16.Sale of goods with product warranty
a. yes
b. no
Step by step
Solved in 3 steps
- Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the account of consignor a. yes b. noDetermine if this shall result in recognition of liabilities 4. Receipt of goods ordered from a supplier a. yes b. noDetermine if this shall result in recognition of liabilities 19.Sale of gift certificates redeemable in merchandise a. yes b. no
- Under PFRS 15, what is the specific point in time when the consignor satisfies is performance obligation under consignment contract? a. upon sale of consigned goods by consignee to final consumers b. upon signing of contract of consignment by consignor and consignee c. upon remittance of cash by consignee to consignor d. upon delivery of consigned goods by consignor to consigneeWhat do credit terms of 4/10, n/30 mean in regard to a purchase?What business circumstance could bring about a short-term note payable created from a purchase?
- 4. An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract. True or FalseStatement 1 : In accordance with IFRS 15, in accounting for customer premiums, the transaction price at the time of sale is recognized partly as revenue which is related to sale of goods and partly as a liability for the performance obligation to settle the transfer of the promised premium.Statement 2: In accounting for customer premiums in accordance with IFRS 15, there is a premium expense equivalent to the cost of premiums recognized upon redemption of these premiums. A.True, True B.True, False C.False, False D.False, TrueWhich of the following is not true regarding the accounting of provisions for customer premium offers under IFRS 15? transaction price recognized partly as revenue and a liability When premiums are distributed, revenue is recognized. When premiums are distributed, premium expense is recognized. The transaction price is allocated base on the stand-alone selling price of the product sold and the premium.
- A credit balance to a client's accounts payable account representing right to receive payment for delivery of goods should be properly classified as: A. Current LiabilitiesB.Non-Current LiabilitiesC. Trade ReceivablesD. Non-trade Receivables (Current)E. Non-trade Receivables (Non-Current)An encumbrance represents the estimated future liabilities for goods or services resulting from placing a purchase order or signing a contract. a. True b. False18-It is used to who is responsible for paying shipping and when the title of the goods passes from seller to buyer: This term will be applicable to a. Credit terms b. Shipping terms c. Discount term d. Cash term