Provide a comprehensive discussion on what constitute a legitimate agency shop agreement and close shop agreement.
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Provide a comprehensive discussion on what constitute a legitimate agency shop agreement and close shop agreement.
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- 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?Explain why an organisation can be considered to be a 'nexus of contracts' in the context of agency theory.(A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a remittance advice and a customer invoice within the sales process of an organisation
- If you were in charge of authorization payment in an organisation,what information would you require before you could authorize payment?For a stationery item store such as Al-Fikr, would you recommend transactional market-based arrangements or partnership supply arrangements? Please justify.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.
- Which of the following statements is true?a. Journal vouchers detailing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the journal voucher history file. b. Journal vouchers summarizing transaction activity flow from the accounting department into the GLS, where they are independently reconciled and posted to the general ledger accounts. c. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the general ledger accounts. d. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are indepen dently reconciled and posted to the journal voucher history file.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 pleaseDefine what is meant by an agency relationship and clearly explain what an agency problem is. Use a real life example to demonstrate your understanding.
