of 31 Assume that you have just taken on administration of a contractnegotiated by others. What can you do to enhance chances of asuccessful outcome?Delegate the administration of the contract to a subordinate who was involved in thecontract from the outset.Become familiar with the terms, conditions, and information about any issues that occurredduring procurement and negotiation.Notify the contractor that you are now administering the contract and renegotiate terms tomeet your requirements.Read the contract and ask the contractor to meet with you to discuss any terms orconditions that you do not agree with.

Contract negotiated by others explicitly indicates that terms and conditions best suited to the…

Answered: of 31 Assume that you have just täken…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Legal Liability

Section: Chapter Questions

Problem 11CYBK

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A company's disclosures regarding contracts should include reconciliation of the opening and closing balances of contract assets and liabilities. information about performance obligations, including a description of the obligations. significant judgments used by the company to recognize revenue for performance obligations satisfied over time and why the method is appropriate. all of these choices
Define ‘control’ and state what would be the acceptable indicators for the transfer of control from the seller to the customer when the performance obligation is satisfied at a point in time according to IFRS 15-Revenue from Contracts with Customers.
NZ IFRS 15 identifies the seven important elements of a contract with a customer that need to be carefully reviewed by a reporting entity in relation to the recognition of revenue. These seven steps must be applied to each contract with a customer in a sequential manner. a. True b. False Please Introduction and explanation step by step without plagiarism please
21-36 AT-C Section 315. "Compliance Attestation." allows a practitioner to perform agreed-upon procedures to assist users in evaluating management's written asser- tions about (1) the entity's compliance with specified requirements. (2) the effective- ness of the entity's internal control over compliance, or (3) both. Required: a. Read AT-C Section 315 and then discuss how a practitioner would conduct an agreed-upon procedures engagement to evaluate an entity's written assertion that it was in compliance
Required: Explain the doctrine of the indoor management rule in relation to a company entering into a contract. Refer to the relevant legal sources to support your explanation.
80 For which of the following matters should an auditor obtain written management representations? Group of answer choices Management’s compliance with contractual agreements that may affect the financial statements. Management’s knowledge of future plans that may affect the price of the entity’s stock. Management’s cost-benefit justifications for not correcting internal control weaknesses. Management’s acknowledgment of its responsibility for employee’s violations of laws.
The first step in the revenue recognition process is determining if a contract is in place between the seller and the customer. A contract is an agreement between two or more parties that creates enforceable rights and obligations. The standard states that a contract may be written, oral, or implied by customary business practices. To be a contract, the accounting standard states that it must meet five criteria. Required: Discuss the criteria necessary for a contract to be considered under the revenue recognition process. How would a company account for a contract that does not meet the criteria?
In arbitration, what do leaders of the labor union and the representatives of company management agree to?(1 point) A. to bring a third party into their negotiations who has the ability to make binding decisions B. to negotiate with one another and to understand that the labor union reserves the right to make binding decisions for both parties C. to negotiate with one another and to understand that management reserves the right to make binding decisions for both parties D. to bring a third party into their negotiations who will help them negotiate, but who does not have the power to make binding decisions
19. Which of the following would be least likely to address control over the initiation and execution of equipment transactions? Group of answer choices Requests for purchases of equipment are reviewed for consideration of soliciting competitive bids Procedures exist to restrict access to equipment Requests for major repairs are approved by a higher level than the department initiating the request Prenumbered purchase orders are used for equipment and periodically accounted for
Which General Staff member negotiates and monitors contracts, maintains documentation for reimbursement, and oversees timekeeping for incident personnel? A.Finance/Administration Section Chief B. Operations Section Chief C. Logistics Section Chief D. Planning Section Chief.
(Fundamentals of Revenue Recognition) Respond to the questions related to the following statements.1. A wholly unperformed contract is one in which the company has neither transferred the promised goods or services to the customer nor received, or become entitled to receive, any consideration. Why are these contracts not recorded in the accounts?2. Performance obligations are the unit of account for purposes of applying the revenue recognition standard and therefore determine when and how revenue is recognized. Is this statement correct?3. Elaina Company contracts with a customer and provides the customer with an option to purchase additional goods for free or at a discount. Should Elaina Company account for this option?4. The transaction price is generally not adjusted to reflect the customer’s credit risk, meaning the risk that the customer will not pay the amount to which the entity is entitled to under the contract. Comment on this statement.
State whether the type of Mgt. Services given below is ( R ) related to acctg. and finance or ( NR ) not related to acctg. and finance. Write the letter of your choice on the blanks provided. _________1. Cost determination alternatives in collective bargaining contract. ______2. Job evaluation and salary administration. ______3. Cost analysis of major investment decision. ______4. Marketing OR sales forecast. ______5. Studies related to financial aspect of pension plan ______6. Long range planning. ______7. Setting up or improvement in internal control. ______8. Technical and marketing aspect of project feasibility studies. ______9. Analysis of financial statements. _____10. Production planning, scheduling, and control _____11. Evaluation of capital stock of companies for merger or sale purposes. _____12. Operations research _____13. Financial analysis of project feasibility studies _____14. Plant layout studies. _____15. Design, installation or review of budgetary…

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