Determine if this shall result in recognition of liabilities 4. Receipt of goods ordered from a supplier a. yes b. no
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Determine if this shall result in recognition of liabilities
4. Receipt of goods ordered from a supplier
a. yes
b. no
Step by step
Solved in 2 steps
- Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c. Deducting u trading secu d. Deducting a account andDetermine if this shall result in recognition of liabilities 16.Sale of goods with product warranty a. yes b. noWhen does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?
- Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivableAn encumbrance represents the estimated future liabilities for goods or services resulting from placing a purchase order or signing a contract. a. True b. FalseWhen assets are purchased under an installment sales contract, the seller becomes the creditor. A. True B. False
- Most agreements involving factoring of accounts receivable are made on a. O a. notification O b. market O c. non-market O d. non-notification O e. recourse basis.4. An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract. True or FalseWhich of the following is classified as monetary? a. Goodwill b. Equipment c. Patent d. Allowance for doubtful accounts
- The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.The 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.
