Under PFRS 15, what is the measurement of consignment sales revenue? a. realizable value of consideration received or receivaby b. cost of consideration received or receivable c. fair value of the consideration received or receivable d. book value of thw consideration received or receivable

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: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: For which of the following does IFRS for SMEs not provide a simplification of full IFRS?a.…

A: IFRS for SMEs: The majority of companies are non-traded company. These private companies are called…

Q: Explain a bill-and-hold sale. When is revenue recognizedin these situations?

A: When the buyer is not ready to take the delivery but accepts the title and the billing, then it is…

Q: Under valuation balance sheet the net liability is the difference between: Premium to be received…

A: Net Liabilities:- It is an excess of Accounts Payable over Accounts Receivables. It includes all…

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: a)  Explain the difference between: Capital expenditure and revenue expenditure, giving an example…

A: Capital Expenditure: It is a expenditure made by company to acquire or renovate a property, plant or…

Q: Explain the importance of a contract in the revenue recognitionprocess.

A:

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: Explain how the § 179 immediate expensing deduction affects the computation of MACRS cost recovery

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: When using the fair value method, we adjust the reported amount of the investment for changes in…

A: The sales price agreed by the buyer and seller is termed as Fair value assuming both parties are…

Q: Describe the steps to apply Core Revenue Recognition Principle.

A: Revenue recognition principle: Revenue recognition principle refers to the revenue that should be…

Q: 81 Which of the following is correct? I.      Direct origination costs – added to principal II.…

A: Origination Fees: It is the fees charged by the bank against the borrower for the creation of loan.…

Q: In accordance with PFRS 15, how should volume rebates and/or discounts on goods or services applied…

A: Discount refers to the reduction provided in the sale price of some goods and services by the seller…

Q: Revenue Realization and Matching principles

A: Option 1 is wrong because the statement is true. Revenue should be recognized when the process of…

Q: what are the concepts of revenue recognition?

A: Definition:   Revenue recognition principle: Revenue recognition principle states that every…

Q: Discuss the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

Q: When intially recognizing the cash surrender value, what is the reason behind the allocation between…

A: Matching Principle Concept-:Matching precept is the accounting belief that compels that the…

Q: Statement II. The transaction price for the sale of the product with premium is recorded as a…

A: The answer has been mentioned below.

Q: Statement 1 : In accordance with IFRS 15, in accounting for customer premiums, the transaction price…

A: IFRS 15 is an accounting standard for recognition of revenue from contracts with customers. The…

Q: IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current…

A: Introduction:- The International Accounting Standards Board (IASB) issued Framework for the…

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: Understand the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

Q: Non cash consideration received from customer should be:

A: GIVEN    Noncash consideration should be IS

Q: The entry to record transaction costs for financial assets measured at fair value through surplus or…

A: The correct answer for the above mentioned question is given in the following steps.

Q: Define Core Revenue Recognition Principle.

A: The core principle of revenue recognition standard is that an entity should recognize revenue to…

Q: Under the U.S.​ GAAP, which of the following is not an approach used to determine when to report an​…

A: The U.S. GAAP are accounting policies followed by US companies for financial reporting purposes.

Q: What is a repurchase agreement (product financing)arrangement? How should a product repurchase…

A:

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: 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: 1. All of the following are components of the defined benefit cost except *   unvested past service…

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question…

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: ASPE and IFRS.

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

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.