Distinguish between a conditional sale, on the one hand, and an absolute sale, on the other hand
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Distinguish between a conditional sale, on the one hand, and an absolute sale, on the other hand
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- Explain the following concepts: (a) bargain purchase option and (b) bargain renewal option.Is variable consideration included in the calculation of a contract’s transaction price? If so, how is the amount of variable consideration estimated?Define purchase commitments. What is the advantage(s) of these agreements to buyers?
- Explain how purchase commitments are recorded for the lower of contract price or market price.Describe the difference between the forward price and the value of a forward contract?When a contract includes an option to buy additional goods or services, when does that option give rise to a performance obligation?