Under sales on credit, the supplier-customer relationship may be terminated under the law in the following situation except: Select one: a. Death of the customer b. Liquidation or bankruptcy of the customer c. Mental incapacity of the customer or personal guarantor d. Legal suits/litigation commenced against the customer

Q: (a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the…

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

Q: Which one of the following is other indicator or events or conditions that may cast significant…

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Q: In order to say that the buyer is insolvent in order for the seller to exercise his right to…

A: The answer and explanation is given is the next step :-

Q: (Fundamentals of Revenue Recognition) Respond to the questions related to the following…

A: Part 1 ) A full unperformed contract is the one when both the parties have not completed their part…

Q: Which type of agent is not liable for a breach of contract by his principal:   a. undisclosed…

A: Contract: It is an agreement between two or more parties which describes the rights and duties of…

Q: Which of the following statements is incorrect? A bank providing a loan to the entity is not a…

A: D) An entity needs to disclose if it has a common director with another entity because there might…

Q: In performing a contract of sale of goods, there may be a situation where the seller fails to…

A: A contract for the sale, sales contract, customer orders, or collective bargaining agreement for…

Q: In case the debtor does not make the application of payment nor the creditor does not also state in…

A: Answer: Whenever there is case of prefential payments to be made the statement of application is to…

Q: When an entity breaches under a long-term loan agreement on or before the end of the reporting…

A: If an entity expects debt to be settled in the normal operating cycle, it is classified as Current…

Q: Which of the following statements is incorrect? O a. If the occurrence of the obligation is in…

A: A liability is present obligation, arising from past transaction, which probably has to be paid. If…

Q: ndicate which of the following claims is true and which is untrue. Distinguishing responsibility for…

A: An invoice is an instrument that is used to record a transaction between the buyer and the seller.

Q: which of the following is true? a.When what is to be delivered is a generic thing, the creditor may…

A: The word contractual responsibilities refers to the tasks for which the parties to a contract are…

Q: Which is a valid statement regarding recognition of liabilities?        a. A non-interest bearing…

A: The non-interest bearing note is the note on which no interest rate is mentioned. But interest has…

Q: 1. Under the Statute of Frauds, the following contracts must be in writing, otherwise they cannot be…

A: The statute of fraud is a concept that creates rules related to the contracts. The statute of the…

Q: A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further…

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Q: Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices…

A: The mode of extinguishment of contract of sale is::: Payment or performance of obligation..…

Q: Accounting A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If…

A: the correct option with proper explanation are as follows

Q: A contract does not qualify for revenue recognition if Either party can unilaterally cancel the…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Briefly, explain the difference between the torts of Wrongful Interference with a Contractual…

A: Answer:-  Tort meaning:- Tort is a kind of civil wrong that causes the claimant to incur loss or…

Q: ted. Does the expected loss meet the definitio

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Q: 20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B -…

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Q: The following are grounds for liability to pay damages, except:     a. Negligence b. Fraud c.…

A: The following are grounds for liability to pay damages Negligence Fraud Contravention of the tenor…

Q: What is the difference between a covenant not to compete in a contract versus a covenant not to…

A: Covenant A covenant is a formal legal agreement between two parties for doing or not doing some…

Q: Which of the following are examples of the misappropriation of assets? O A. An employee theft of…

A: These kinds of conditions happen frequently in an organisation.

Q: which of these substantive procedures is not used to obtain evidence about contingencies?a. Scanning…

A: Contingencies are the future expectation of losses which can happen in the organisation. Auditor…

Q: Would it be a violation of the Consumer CreditProtection Act to suspend, demote, or transfer…

A: Garnishment: Garnishment, also known as wage garnishment, is the process by which money is…

Q: Vicarious performance

A: The Vicarious performance represents the contractual obligation that is performed by a third party…

Q: True or False  According to PFRS 15, if an entity expects that a portion of gift certificates sold…

A: PFRS 15 Revenue from Contracts with Customers,  Breakage means the amount of contract liability…

Q: Which of the following does not meet the definition O the signing of a cancellable contract for…

A: Solution: "The signing of a cancellable contract for purchase commitment" does not meet the…

Q: Which of the following is NOT a client protection principle?   a. Methods that prevent client of…

A: Clients protection principles are very important in financial and loans.

Q: The purchase order, usually in writing, is a legal document that is... Select one: An offer to buy.…

A: A purchase order is an agreement that binds the two parties i.e. the client and the supplier, such…

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

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Q: Which of the following is a characteristic of a current​ liability?   A. It is an avoidable…

A: Liabilities are classified into two types. 1. Current liabilities ; which are expected to be paid…

Q: following are causes of extinguishment of a contract of deposit EXCEPT:    a. Death of either party…

A: Solution: The following are causes of extinguishment of a contract of deposit EXCEPT "Loss or…

Q: Which of the following is most likely to indicate the existence of related parties? a. Elimination…

A: Related party may be defined as the person or entity which is related to the reporting entity if…

Q: May the creditor validly refuse acceptance of the payment of a judgment obligation made by the…

A: Cashier’s check can be referred to those checks that are issued and guaranteed by the banks. These…

Q: Which of the following is not a ground for the extinguishment of an obligation? O Condonation or…

A: Following is the correct answer

Q: In prior periods, Cyber Systems used the direct write off method to account for bad debts. Cyber…

A: a) The direct write off method of bad debts is a method adapted by the business firms when the…

Q: An item that is not a contingent liability is: A. premium offer to customers for labels or box cops.…

A: Answer: An item that is not a contingent liability is : option A: premium offer to customers for…

Q: When an entity breaches a covenant under a long-term loan agreement on or before the end of the…

A: International Accounting Standards (IAS) 1 deals with the "classification of liabilities as current…

Q: sales where the customer is billed before delivery of the goods

A: First option is wrong because there is no such condition to recognize revenue before delivery of…

Q: If an entity recognises the revenue associated with a contract with a customer over time (rather…

A: The question pertains to which of the two scenarios would be a more conservative approach : 1.…

Q: 5. Which of the following remedies available to the seller for the breach of contract of sale…

A: The remedies for breach of contract: Amount of damage, causes of action, cancellation, and…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.