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: What is an articles of partnership agreement, and what information should this document contain?
A: Definition: Partnership: This is the form of business entity which is formed by an agreement,…
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: In a reciprocal obligation, the remedy of the injured party is: Alternative Cumulative None of…
A: As per the article 1191 The power to rescind obligation is implied in reciprocal ones, in case one…
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: What condition(s) qualif
A: A variable interest entity (VIE) refersto a legal business structure in which an capitalist features…
Q: An "associate" is defined under PAS 28 as Choices A thing in charge of one or more things. B subject…
A: The accounting for investments in associates and the use of the equity method for these investments…
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: What is the difference between an Offer for a unilateral contract and an Offer for a bilateral…
A: In unilateral contracts, one party offering the deal promises to pay when a certain act or task is…
Q: Explain the requisites of the negotiability of a bill of exchange.
A: Bill of exchange is a negotiable instrument written by the drawer on a drawee where drawer gives an…
Q: What is a partnership agreement? What types of provisions does it include?
A: Partnership means where two or more person comes together to do some common business activity and…
Q: What type of contract has been formed in this case?
A: Contracts are the agreements between two parties. It gives the option to buy,sell, lend etc. It…
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: Give example/illustration of reciprocal obligation. Explain why it is a reciprocal obligation.
A: A reciprocal obligation, also known as a reciprocal agreement, is a legal term for a…
Q: 1. If the forward rate is not at parity during the outset of the contract, which theory of term…
A: Step 1 Interest rate parity (IRP) is a hypothesis that states that the difference in interest rates…
Q: Is the contract of partnership binding even without the stipulation of how to divide profit and…
A: There are many forms of organization which can be formed to run business. Each form of organization…
Q: Distinguish between 'Dissolution of Partnership' and 'Dissolution of Firm' on the basis of (i)…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The contract of sale is a consensual contract. a. True b. False
A: Sales on Account A sales on account revenue is revenue earned by a company by selling its goods on…
Q: What are three similarities of a future contract and a forward contract?
A: Forwards are the contract made for the private placements while futures are traded under stock…
Q: ortion
A: Corporation earning can we sub divided into parts Use to distribute the dividend Retain the…
Q: What are the critearia for determining if a fiduaciary relationship exists?
A: Fiduciary relationship represents the relationship that is between the trustee and beneficiary.
Q: A contractual relationship in which an individual must act in the best interests of a principal when…
A: Solution:- Lease agreement is the agreement under which the owner of the asset (lessor) grants a…
Q: Under the entity theory, a partnership is O A. Viewed through the eyes of the partners B. Viewed as…
A: Solution: Under the entity theory, a partnership is "viewed as having its own existance apart from…
Q: When a bidder submits a proposal, does that act complete a contract? Explain.
A: For a stated cost, it is necessary to submit a bid to do the venture. Even the staff and machinery…
Q: Why it is considered desirable to make the partnership agreement in writing.
A: In accountancy, Partnership is when two or more individuals decide to carry out any business…
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: What are the two basic methods of accounting for longtermconstruction contracts? Indicate the…
A:
Q: If a promise to grant a license is distinct, the entity shall apply the specific principles to…
A: The term franchise refers to the license in order to make or sell the product within certain…
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: Discuss the effects of ratification in voidable contracts
A: A contract that contains one or both of these flaws can nonetheless be regarded legally binding if…
Q: What is a Contract for Difference
A: Contract for Difference are also referred to as CFDs.
Q: What is an onerous contract? Give two examples of an onerous contract.
A: When the cost of carrying out unavoidable obligations exceeds the benefit expected to be received…
Q: tion of partnership assets?
A: Sheen will receive 33333 and Carl Receive 26667 at the time of Dissolution of partnership firm
Q: What is the difference between a connecting affiliation and a mutual ownership?
A:
Q: Compare and contrast the istijrar contract with its closest conventional contract. What are the main…
A: Istijrar refers to the purchase of commodities in varying quantities on a regular basis. In Islamic…
Q: How will you differentiate contract of sale from contract to sell?
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
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: 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: A written contract takes priority over a prior oral agreement Ture or false
A: A contract can be in writing, be oral, be inferred by conduct or formed using a combination of all…
Q: Which are the terms and condition on CONTRACT FOR FUTURE DEED?
A: Contract for future deed is an agreement which provides for the finance by the seller for the sale…
Q: Which of the following is NOT the correct statements regarding forward contracts? I. contain a…
A: A forward contract is a contract entered between the parties to buy and sell assets at a…
Q: Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.
A:
Q: Give the FIRST exception to the general rule that: If the consideration of the contract consists…
A: If the consideration of the contract consists partly in money and partly in another thing, the…
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…
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- An antenuptial contract must be notarially executed to be valid between the contracting parties. True or false?In a "mixed contract," one involving both the dale of goods and services, does the UCC apply or does common law apply? How does a court determine which law to apply? Explain your answer.10.Ijarah is explained by which of the following (A)Contract for usufruct (B)Contract of partnership (C)Contract to sell upon manufacture (D)Contract of agency
- If a seller enters into more than one contract with a specific customer, when should the contracts be combined and treated as a single contract?What is the proper accounting for a wholly unperformed contract?The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15:I. The parties have approved the contract and are committed to perform their respective obligations.II. Each party’s rights regarding the goods or services to be transferred can be identified.III. Payment terms can be identified.IV. The contract has commercial substance.V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer. I only I, II, and IV only All of the above I, II, IV, and V only
- It’s a contract whereby a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. a. Contract of agency b. Contract of barter or exchange c. Contract for a piece of work d. None of the aboveIs there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False
- As a general rule, one of the elements needed to make an agreement binding is consideration. True False An approach to consideration is the following: Consideration is a benefit received by the promisor or a detriment incurred by the promise. This is known as: A. Bargained-for exchange B. Goodwill C. Benefit/detriment D. Promissory estoppelWhich of the following is not a condition in identifying the contract with the customer as per IFRS 15? a- Each party's rights with regard to the goods or services concerned can be identified b- It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identifiedCompare and contrast the istijrar contract with its closest conventional contract. Whatare the main similarities and differences?
