Under PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivable

Q: The following certain attributes present into a contract to determine whether the arrangements with…

A: Revenue can be recognized when there is a contract with the customers and performance obligation has…

Q: Demonstrate revenue recognition for long-term contracts, both at a point intime when the contract is…

A: Long term contracts usually qualify for revenue recognition over time. We recognise revenue over…

Q: Under valuation balance sheet the net liability is the difference between: Premium to be received…

A: Net Liabilities:- It is an excess of Accounts Payable over Accounts Receivables. It includes all…

Q: 1. Should the two contracts be combined for purposes of applying the five-step revenue recognition…

A:

Q: Title Explain how a borrowing cost could arise as part of the measurement of a provision. Illustrate…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: If the outcome of a long-term contract can be measured reliably, the preferred accounting method…

A: The percentage of completion method is an accounting technique in which long-term deed income and…

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: Appropriations of retained earnings are proper     a. When required by contractual agreements b. All…

A: solution Appropriations of retained earnings are proper Correct answer is option c. When BOD…

Q: According to IAS 18, Révéňué, whičh twó óf the following criteria must be satisfied before revenue…

A: The outcome of the transaction is certain is not the criteria for recognizing revenue as revenue is…

Q: How does PFRS 9 distinguish between the measurement methods to be used in the standard? * By…

A: By reviewing the business model of each entity and the contractual cash flow characteristics of the…

Q: age of time B. Completion of percentage of a project C. Performan

A: Revenue refers to the sum value of money gained by a business by selling its goods or services in…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: 34. According to GAM for NGAs, interest revenue is recognized On a time proportion basis using…

A: Interest revenue is the profit earned by a company from any investments it makes or debt it holds.

Q: When the outcome of a construction contract cannot be estimated reliably, how shall contract revenue…

A: when the outcome of a construction contract can be estimated reliably, contract revenue and contract…

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

A:

Q: Partial satisfaction of a multiple performance obligation is reported on the balance sheet asa.…

A: Performance obligation: A performance obligation is a promise made by a seller to transfer the goods…

Q: Statement II. The transaction price for the sale of the product with premium is recorded as a…

A: The answer has been mentioned below.

Q: Statement 1 : In accordance with IFRS 15, in accounting for customer premiums, the transaction price…

A: IFRS 15 is an accounting standard for recognition of revenue from contracts with customers. The…

Q: How much is the contract revenue to date in the year 2019? (In a good accounting form)

A: A company has to recognize revenue and expenses in the year they are earned and incurred,…

Q: Non cash consideration received from customer should be:

A: GIVEN    Noncash consideration should be IS

Q: Which of the following shall be excluded in the contract costs of a construction contract? * A.…

A: Contract costs should comprise:(a) costs that relate directly to the specific contract;(b) costs…

Q: Explain how to account for revenue on a long-term contract over time as opposed to at a point in…

A: The revenue recognition principle: The revenue recognition principle refers to the revenue that…

Q: When it is probable that total contract costs will exceed total contract revenue, how shall the…

A: IAS 11 prescribes the contractor’s accounting treatment of revenue and costs associated with…

Q: Under the U.S.​ GAAP, which of the following is not an approach used to determine when to report an​…

A: The U.S. GAAP are accounting policies followed by US companies for financial reporting purposes.

Q: What is a repurchase agreement (product financing)arrangement? How should a product repurchase…

A:

Q: If the outcome of a long-term contract can be measured reliably, the preferred accounting method…

A: Long term contracts are those contracts which are related to construction of building. Usually long…

Q: When it is probable that total contract costs will exceed total contract revenue, how shall it be…

A: Contract account is prepared when the work to be done take substantial time to make (generally more…

Q: The new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n):…

A: Solution: The new standard, Revenue from Contracts with Customers "adopts an asset-liability…

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: allocated to the award credits when it fulfils its obligations in respect of the awards. a. All…

A: Correct option is c i.e 2nd statement is incorrect while the 1st statement is correct   Explanation:

Q: Under PFRS 15, what is the measurement of consignment sales revenue? a. realizable value of…

A: Consignment revenue: Consignment is a trade  contract   where  goods are left   in the custody  of…

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: Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue…

A: Barter transaction is a transaction where goods and services are exchanged for different goods and…

Q: Any of the following criteria is considered satisfaction by an entity of performance obligation over…

A: As per IFRS 15, An entity transfers control of a good or service over time and, therefore, satisfies…

Q: Under PFRS 15, what is the measurement of consignment sales revenue?   A. Realizable value of…

A: The PFRS 15 states the revenue measured at Fair value consideration received or receivable.

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: Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue…

A: Revenue is described as the amount which is earned by the business through sale of its goods or…

Q: Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.

A:

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: Which of the following is not true when a company allocates a transaction price to separate…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: If the outcome of a long-term contract can be measured reliably, the preferred accounting method…

A: The percentage of completion method is an accounting technique in which long-term deed income and…

Q: Appropriations of retained earnings are proper When BOD voluntarily designates a portion of…

A: Retained earnings is the nothing but an amount of net income left over or net income accumulated…

Q: When percentage-of-completion accounting is not appropriate, U.S. GAAP requires the use of the…

A: