Under PFRS 15, when shall a consignor recognize revenue from its consignment sales? A When the consignor receives cash remittance from the consignee. B When it is probable that future economic benefits will flow to the consignor and the fair value of the revenue can be measured reliably. C When the consignor enters into a consignment contract with a consignee. D When the consignor satisfies its performance obligation under consignment contract.

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: Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by…

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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: Revenue is usually recognized at the point of sale (a point in time). Under special circumstances,…

A: Revenue recognition:   GAAP (Generally accepted accounting principle) states that under specific…

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Q: 32. Which of the following is a non-exchange transaction? Leasing Collection of taxes Rendering of…

A: Non exchange transactions are transactions in which only one party provides its services or product…

Q: How do companies account for long-term contracts that qualify for revenue recognition over time?

A: The companies use the following two methods to record the long term contract when it turns out to be…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

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

A:

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: Which one of the following situation where a performance obligation is satisfied over time ?  a-…

A: As per IFRS15 Performance obligation is satisfied over time if any of the following conditions are…

Q: 6. A liability is recognized in the statement of comprehensive income when it is probable that an…

A: As per IASC framework, the liability is recognized in the financial statement when two conditions…

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: A provision shall be recognized when except * it is probable that an outflow of resources embodying…

A: A provision is an account set off for any obligation which can occur in future. In other words, a…

Q: Tokyo, by making a bill of exchange, is liable to Kyoto, an endorsee who presented the note for…

A: SOLUTION EXPLANATION - IF THE DRAWEE ACCEPTS THE BILL, BY WRITING ON IT AND SIGNING  IT, HE BECOMES…

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: The Internal Revenue Code authorizes deductions for trade or business activities if the expenditure…

A: The statement is True : The Internal Revenue Code authorizes deductions for trade or business…

Q: If the promise to grant a license is distinct and that the license provides the customer the “right…

A: Contract Account is a ledger created when a corporation enters into a long term agreement with the…

Q: When a sale is made and sales tax is collected from the customer, the sales tax is recorded as a/an…

A: Sales tax is collected by the business owner for the government from the customer .

Q: Discuss and outline the requirements for "revenue recognition principles". What do you think the…

A: Revenue Recognition Principles Revenue Recognition Principle is widely accepted accounting…

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

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

A: IAS 18 explains all the requirements that should be followed to recognize the revenue. Revenue…

Q: For an SME, revenue shall arise on all of the following transactions and events except a. Sale of…

A: IAS 18 states that the revenue shall be aroused when the sale of goods or providing of service is…

Q: Under the new revenue recognition guidance in ASC Topic 606, which of the following statements is…

A: In accounting, ASC stands for Accounting Standards Codification as defined by the financial…

Q: Under IFRS 15, when shall the incremental cost of obtaining a contract with a customer be recognized…

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Q: Non cash consideration received from customer should be:

A: GIVEN    Noncash consideration should be IS

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: 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: Choose three out of six differences on page 55, (attached) and, for each of these three differences,…

A: US GAAP is preferred over IFRS due to the following reasons of difference:Shipping and handling…

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: 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 conditions would support recognition of revenue? The seller’s price to the…

A: Revenue recognition principle states that the revenue should be recorded only when the product and…

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: With reference to IAS 37, identify the correct statements from the following: I A contingent asset…

A: Contingent assets refer to the assets that are a result of past event and inflow from those assets…

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…