Discuss the contract according to its enforceability?

Q: Define forward contract.

A: It is a form of derivative contract which is used as an agreement

Q: Give 3 takeaways on the importance of the Law in Obligation and Contract

A: A contract can be defined as the promise that one person is required to fulfill and these promises…

Q: What is the difference in Forward Contracts and Future Contracts

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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: 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: Give example/illustration of reciprocal obligation. Explain why it is a reciprocal obligation.

A: A reciprocal obligation, also known as a reciprocal agreement, is a legal term for a…

Q: Understand how variable consideration and other aspects of contracts affect the calculation and…

A: Variable consideration:  It refers to the amount of revenue that is to be recognized as per the…

Q: Explain and illustrate types of Musharakah contracts

A: Musharakah Contracts: In Islamic Accounting it is a type of contract that is formed between two…

Q: Define the term Contract Modifications.

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

Q: ne

A: Negotiable Instruments are written contracts whose benefit could be passed on from its original…

Q: Define the contract liabilities.

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

Q: ontr

A: Definition of a Contract: A contract is a legally enforceable agreement. It might be a promise to do…

Q: What are three similarities of a future contract and a forward contract?

A: Forwards are the contract made for the private placements while futures are traded under stock…

Q: What are the different types of future contracts? Explain each.

A: Future contract is referred to as the contract, which is made between the two parties where the…

Q: in a conditional

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown…

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 the term contract assets.

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

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

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Q: Is variable consideration included in the calculation of a contract’s transaction price? If so, how…

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Q: What is a forward contract?

A: Introduction: This question is related to the concept of financial derivatives. Derivative…

Q: What are the requirements for an instrument to be negotiable?

A: Introduction: The following are the formal requirements that an instrument must meet to be…

Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: How does a seller allocate a transaction price to a contract’s performance obligations?

A: Transaction price: Transaction price is the amount of consideration that is estimated by the company…

Q: What is an option? How does an Option differ from a forward or future contract?

A: Derivative Security: A derivative is financial security whose price and value are determined based…

Q: Discuss the factors that impact on whether an agreement with a supplier is considered to be a…

A: An agreement with supplier : An agreement with the supplier is a agreement between the two persons,…

Q: Describe the obligations of postretirement.

A:

Q: Compare and contrast the istijrar contract with its closest conventional contract. What are the main…

A: Istijrar refers to the purchase of commodities in varying quantities on a regular basis. In Islamic…

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: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

Q: What is a performance obligation? Under what conditionsdoes a performance obligation exist?

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Q: Create an example of a contract that has the credit to be legal, the contract must be in writing…

A: One of the example:- "On Apr 9, 2021 John borrowed from Morgan a total of $100,000 at an interest of…

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: characteristics of the contract of pledge?

A: Answer: Contract of pledge can be defined as the contract that is established between the parties…

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: What is a performance obligation?

A: Definition: Performance obligation: Performance obligation is a promise to transfer goods or…

Q: What is an Option Contract?

A: An Option contract is an agreement between two parties to buy or sell an underlying asset, at a…

Q: Explain why an organisation can be considered to be a 'nexus of contracts' in the context of agency…

A: Contract is the mutual agreement between two parties where one party agrees to provide goods or…

Q: Explain the requirements for the formation of a suretyship relationship.

A: Intrduction : A suretyship arrangement is described as a relationship in which a third person, the…

Q: Define Forward and Future contract and also differentiate between hedging and Speculation

A: A forward contract is a customisable derivative contract between two parties to buy or sell an asset…

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…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.