Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts qualify as performance obligations

_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract

Understand the disclosures required for revenue recognition, accounts receivable,contract assets, and contract liabilities

Which 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 identified

Why does Recognizee revenue when (or as) each performance obligation is satisfied,” is important?

Discuss creation of principal and agency relationship. What is vicarious liability?

Give examples of obligations or contracts which are contrary to good custom.

Explain how to account for revenue on a long-term contract over time as opposed to at a point in time. Under what circumstances should revenue be recognized at the point in time a contract is completed?

Describe the conditions when contract assets and liabilitiesare recognized and presented in financial statements.

How will you differentiate contract of sale from contract to sell?