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- 38. In which of the following contracts may full payment of the price become the operative act that transfers ownership from the seller to the buyer? Group of answer choices Contract of sale Contract to sell Either a or b Neither a nor b24) In which method of purchasing, company purchases material at lower price and sell them at higher price in future. a. Contract purchasing b. Co-operative purchasing c. Speculative purchasing d. Specific future period purchasingV5. As FASB codification 420-10-25-12 stays “A liability for costs to terminate a contract before the end of its term shall be recognized when the entity terminates the contract in accordance with the contract terms (for example, when the entity gives written notice to the counterparty within the notification period specified by the contract or has otherwise negotiated a termination with the counterparty).” penalty for terminating early Is just a liability? Please explain. Argue about this statement
- S1: One characteristic of an insurance contract is to transfer insignificant risk from the policyholder to the issuer. S2: Under the general model of PFRS 17, a group of insurance contract is initially measured at the fulfillment cash flows and the contractual service margin.A. Both statements are correctB. Only S1 is correctC. Both statements are incorrectD. Only S1 is incorrectS1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as a result of its financial statements present information that is more relevant. S2: Outward Reinsurance is where the premium and commission shall be accounted for in the different accounting period original policy to which the reinsurance relates. S3: Premiurn deficiency arises when the unearned premium reserve is less than the estimated claims related expenses. a. Only S3 is incorrectb. All statements are correctc. Only S2 is correctd. Only S3 is correcte. Only S1 is incorrectf. Only S2 is incorrectg. All statements are incorrecth. Only S1 is correctThe seller of a forward contract: Question 16Answer a. is obligated to take delivery and pays the lower of the spot market price or the contract price. b. is obligated to make delivery and accept the forward price. c. B. has the option of making delivery and receiving the greater of the spot price or the contract price. has the option of making delivery and receiving the greater of the spot price or the contract price. d. has the option of either making delivery or accepting delivery.
- 33. Entity A enter into a long-term contract to provide service. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to PPSAS, how should entity A recognize revenue from the contract? On a straight-line basis over the contract term By reference to the stage of completion of the contract at the reporting date Full recognition of contract price upon completion of the contract Only to the extent of costs that are expected to be recovered.Choose the right option All of the following statements are true about letters of intent except for a. Includes an expiration date b. Defines the responsibilities and rights of the buyer and seller while the letter of intent is in force c. Are always legally binding d. Spells out the initial areas of agreement between the buyer and seller e. Includes a “no shop” provision23) f the buyer is ready to bear the entire cost of shipment charges, it is being called as _____________________. a. FOB destination b. FOB c. FOB shipping point d. None
- 23) If the buyer is ready to bear the entire cost of shipment charges, it is being called as _____________________. a. FOB destination b. FOB c. FOB shipping point d. None Clear my choice1. S1: Maker Co, a manufacture and dealer of household appliances, agrees to indemnify a customer of any loss or damage that the customer may sustain from the use of purchase appliance. The contract to indemnify the customer in case of loss event is accounted for under PFRS 15. S2: Under insurance contract, the party that has a right to compensation if the insured event occurs is referred to as the policyholder. Only S1 is correct. Both statements are correct Only S2 is correct. Both statements are incorrect. 2. It is the change in the relation of the partners caused by any partner being disassociated from the business. Dissolution Formation Liquidation Operations 3. If the promise to grant a license is distinct and that the license provides the customer the “right to access” the entity’s intellectual property, how is revenue recognized from the initial fee in the contract? in full when the initial services to setup the contract are substantially performed deferred and…F1. Topic: FAR Part 15, Contract by Negotiation…Evaluation Factors. Question: Is there an “ideal” number of factors in the Evaluation process? Should factors be limited to a small number or a larger number of factors? Explain. Other than cost/price, list three factors (and/or subfactors) that you would include and explain your rationale for choosing those factors.
