The following item indicates that the promise good and service are not distinct, except

Q: . Defined by IFRS 2 as a vesting condition that requires the counterparty to complete a specified…

A: IFRS 2 talks about the reporting of share based payment transactions. As per this, the entities who…

Q: For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I.…

A: For PFRS 15 to apply, a contract with a customer should meet the following conditions : I. The…

Q: Which of these three characteristics (I, II, and III) are required in order for a promised good or…

A: Promised goods or services will be considered distinct if: When it is capable to being distinct…

Q: First Statement: If the words of the contract are clear and leave no doubt on the intention of the…

A: Contract is made between the parties so that there will be no confusion left to either the parties…

Q: As a general rule, one of the elements needed to make an agreement binding is consideration. True…

A: Consideration: A promisee gives a promisor something in exchange for it. Real or personal property,…

Q: It’s a contract whereby a person binds himself to render some service or to do something in…

A: Introduction: A contract is a legally enforceable agreement that creates, defines, and governs…

Q: Choose the right option  All of the following statements are true about letters of intent except…

A: Letter of intent An agreement between two parties in which one party agrees to do business with the…

Q: 38. In which of the following contracts may full payment of the price become the operative act that…

A: The  contracts upon the  full payment of the price become the operative act that transfers ownership…

Q: An intoxicated individual will enter in a void/voidable/valid contract A. Void B. Voidable C.…

A: An intoxicated individual will enter in a voidable contract.  Correct option is b.

Q: True or False. An arbitration clause in a contract requires that any dispute concerning the contract…

A: The arbitration clause works in case of legal disputes between parties. It deals with the party's…

Q: Topic: REVENUE FROM CONTRACTS WITH CUSTOMERS   Requirements: a. Identify the performance…

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

Q: Determine if this shall result in recognition of liabilities 15.Violation of the terms of agreement…

A: As per IAS 37, of IFRS Provisions, contingent liabilities and contingent assets If likelihood of…

Q: Determine if this shall result in recognition of liabilities 13. violation of the terms of a…

A: A liability is a obligation of entity which requires outflow of resources of entity for its…

Q: 46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2.…

A: In the given case as per contract of law contracts are binding between the parties who entered into…

Q: Under - PFRS 15, when shall entity recognize revenue from contract with customers? Select the…

A: The revenue   should  be satisfied  only when the services or goods that have been  transferred at a…

Q: 97. Question By taking a net listing, the agent a) is guaranteed a fixed commission. O b) need not…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 4. Under PFRS 15, when shall a franchisor recognize revenue from contingent franchise fee or revenue…

A: A franchise  or sales based royalty  is type of license  in which  franchisor gives access to…

Q: Determine whether the statement is legally correct (true) or not (false).   1. Conditions, interest,…

A: Sale represents that the seller would sell the goods or provide service in order to ear something in…

Q: 7. Provide an example of when the principle of a quasi-contract may be enforced by the court?

A: The answer for the theory question on Quasi contract is discussed hereunder : The enforcement of a…

Q: According to PFRS 15, a good or service is distinct if

A: IFRS stands for International financial reporting standards. These are Accounting standards issued…

Q: Determine if this shall result in recognition of liabilities 12. violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and contingent assets A Provision is a…

Q: According to IAS 37 - Provisions, Contingent Liabilities, and Contingent Assets choose two of the…

A: IAS 37 is accounting standard which deals and provides guidelines about provisions and the…

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: 1. An agreement enforceable by law is known as: a) Promise b) Contract c) Obligation ) Lawful…

A:

Q: 17. Which of the following contracts is not governed by the rule on double sale? Group of answer…

A: Double Sale: The rule on double sale as provided in Article 1544 of the Civil Code states that: If…

Q: 1. Which of the following is the proper legal remedy to be availed by the buyer if the seller…

A: The following is the proper legal remedy to be availed by the buyer if the seller committed a breach…

Q: Which of the following is not a condition in identifying the contract with the customer as per IFRS…

A: As IFRS 15 - Revenue from Contracts with Customers, The standard provides a single, principles based…

Q: When a revenue arrangement involves more than one performance obligation, which of the following…

A: Solution: When a revenue recognition involves more than one performance obligation "Whether each…

Q: Determine if this shall result in recognition of liabilities 14.Violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and continent assets A contingent liability…

Q: 11.An insurance contract is a contract of adhesion. 12.Any party to a contract can agree on any…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A constructive obligation may Be established by an implicit promise. Be established by an explicit…

A: A constructive obligation is considered as an obligation which arises out of the conduct and intent.…

Q: 10. Which is correct about covenants? a. Covenants are written promises of the issuer that is…

A: Covenants are basically promises made by the entities or individuals that restricts or promotes…

Q: In applying the PFRS 9 impairment requirements, an entity needs to follow   Group of answer choices…

A: Lets understand the basics. As per PFRS 9 "Impairment of financial assets", an entity needs to…

Q: 9. Which one of the following is not a condition for a valid contract? A. There must be no known…

A: A contract is  valid and legally binding  if it satisfies the following conditions: i) Offer- There…

Q: 9. All encumbrances and liens shown on the title report, other than those waived or agreed to by the…

A: All encumbrances and liens shown on the title report, other than those waived or agreed to by the…

Q: Discuss the contract according to its enforceability?

A: Contract can be defined as the agreement between two or more individuals for a certain meaningful…

Q: 33. Entity A enter into a long-term contract to provide service. The outcome of the transaction can…

A: Long term contract of service are those contracts in which there is an agreement between two parties…

Q: d. when the entity's right to receive payment is established. 2. Entity A enters into a long-term…

A: ●2.Entity A enters into a long-term contract to provide services. The outcome of the transaction can…

Q: In participation/partnership based contracts, ______ is always subject to the ratio of investment…

A: Partnership: A partnership is a commercial enterprise that is possessed by two or more persons who…

Q: When a customer is able to benefit from a good or service on its own or together with other readily…

A: Answer:   Distinct

Q: . A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Step 1 of the "five-step model" states that certain conditions must be satisfied before an entity…

A: Answer -  Correct Option is Option C - It is certain that the entity will collect the consideration…

Q: 30. Which of the following is TRUE under the pillars of a Takaful contract? O A. Sighah al-'aqd O B.…

A: Takaful is a type of insurance in which anyone with legal ability can contribute a sum of money to a…