What must a contract include for the contract to exist for purposes of revenue recognition?

Q: What is concept of unearned revenue?

A: When a amount is received in advance for a service or goods and as on reporting date such service is…

Q: Unearned revenue is:

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What is the two criteria be satisfied before revenue can be recognized?

A: Revenue recognition principle:    Under the revenue recognition principle, revenue and incurrence of…

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…

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Q: Define Unearned revenue

A: Definition: Deferred revenues: Deferred revenue is a liability to render service or to deliver…

Q: What is a deferred revenue? Provide an example.

A: Deferred revenue: Deferred revenues are revenues related to more than one period.  A deferred…

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: What qualitative and quantitative disclosures arerequired related to revenue recognition?

A: Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific…

Q: Determine the timing of revenue recognition with respect to licenses, franchises, and other common…

A: Revenue is recognised at the point of time when delivery of goods are made.

Q: Define the term unearned revenue.

A: Deferred revenues: Deferred revenue is a liability to render service or to deliver products in…

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: How do unearned revenues arise?

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Q: Define the term revenue recognition.

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: When is revenue recognized with respect to licenses?

A: In case of Licences, revenue is recognised in two ways depending on the type of transaction. If the…

Q: What is the revenue recognition principle?

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Q: Which type of revenue activity is correctly matched with the revenue recognition method?

A: The question is related with the revenue activity is correctly matched with the revenue recognition…

Q: Do U.S. GAAP and IFRS differ in the criteria they use to determine whether a transfer of receivables…

A: International Financial Reporting Standards: They are commonly known as IFRS. It is a set of…

Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: When should DJD recognize revenue

A: The revenues in these type of contracts are based on two types of contracts. 1. Revenues under…

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: 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: Discuss the primary differences between U.S. GAAP and IFRS with respect to revenue recognition.

A: IFRS revenue recognition is directed by two primary standards and four general interpretations. On…

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: What function does the receiving department serve in the revenue cycle?

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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: Explain a principal-agent relationship and its significanceto revenue recognition.

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Q: What are Revenue Recognition and Matching Principles?

A: Revenue recognition is a Generally Accepted Accounting Principle. It says that organization should…

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: 4. If the nature of an entity's promise to transfer a license is a "right to use," revenue shall be…

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Q: Briefly Discuss the basis for Revenue Recognition of the Franchise

A: Franchise arrangement and performance obligation:   In a franchise transaction, the franchisor has…

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.

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Q: ASPE and IFRS.

A: Introduction: Revenue recognition: Revenue recognition is an accounting theory that defines the…

Q: What is the relationship of the promissory note between the maker and the payee?

A: A note of hand can be a financial instrument that contains a written promise by one party (the…

Q: Explain the mind the relation between the recognition of deferred revenue associated with advance…

A: Deferrals: Deferrals refer to “Transactions, events, or arrangements” where in the cash flows are…

Q: what kind of account is contract fees

A: Definition: Revenues: Revenues are earnings from the operations of a business. The operating…