How contract is discharged by subsequent impossibility?

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

Q: What is meant by contingent Liability? How is it shown in final accounts?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: What is the difference between contingent claims (options) and forward

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Q: How is present value related to the concept of a liability?

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: Why onerous contracts are considered as a provision, even though they do not always come with a high…

A: Onerous contract is the contract that would cost the business more to fulfill than what the company…

Q: What is imputed interest?

A: Interest: Interest is a charge against the amount due, Interest is paid on the amount borrowed as a…

Q: What is the effect of the fulfillment of the condition in a conditional obligation? resolutory…

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown…

Q: Under what conditions should a contingent liability berecorded?

A:

Q: Which of the options is an example of liability?

A: Liability is something a company  or person owes, usually a sum of money.  It denotes an obligation…

Q: When a contract includes an option to buy additional goods or services, when does that option give…

A: Contract: Contract is a written document that creates legal agreement between the parties for buying…

Q: Explain how purchase commitments are recorded for the lower of contract price or market price.

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Q: What are contingent liabilities?

A: Liabilities by and large, are a commitment to, or it is an amount that one owes to another person.…

Q: he differences in the risks and mechanics of on-balance-sheet hedging and off-balance-sheet h

A: Step 1 Balance sheet enclosure is not intended to protect the company's profit margin from monetary…

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: Define the term contingent liability.

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Q: How are the terms “probable,” “reasonably possible,”and “remote” related to contingent liabilities?

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Q: If the down payment is non-refundable, how much is the contract liability to be initially recorded?

A: Contract liability that is to be recorded initially can be calculated by adding the down payment…

Q: Understand how variable consideration and other aspects of contracts affect the calculation and…

A: Variable consideration:  It refers to the amount of revenue that is to be recognized as per the…

Q: ne

A: Negotiable Instruments are written contracts whose benefit could be passed on from its original…

Q: what is the difference between unsecured and secured transactions in terms of default

A: These types of transactions are based on the creditworthiness. These are loan or other credit…

Q: What is a contingent liability?

A: Liabilities are legitimately restricting commitments that are payable to someone else. In accounting…

Q: ontr

A: Definition of a Contract: A contract is a legally enforceable agreement. It might be a promise to do…

Q: What is insolvent?

A: The tern insolvency is failure to pay the borrowed money on time. This can be both an individual or…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: What is a forward contract?

A: Introduction: This question is related to the concept of financial derivatives. Derivative…

Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: When is a forward contract preferred over an option contract ?

A: Forward contract and Option contract Option contract gives the right to the holder to buy or sell…

Q: What is exchange risk, as distinct from exposure?

A: Foreign exchange risk or foreign exchange exposure refers to the financial risk associated with a…

Q: How is internal control applied to liabilities?

A: It is often seen that frauds, employees thefts, and manipulation of records incur in the…

Q: Which of the following liabilities would be considered nonrecourse?

A: "As the student have not been given the options to choose the nonrecourse liabilities, I will give…

Q: Why do deferred liabilities arise? Explain your answer with suitable example.

A: Why do deferred liabilities arise? Explain your answer with suitable example.

Q: State difference between sureties and security?

A: In development contracts, if a worker for hire neglects to play out the works, the business would…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: Unconditional rights to receive consideration because a performance obligation has been satisfied…

A: Lets understand the meaning of term given. As per IFRS 15" Revenue from the contract with the…

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

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: Why does “Identify the performance obligation(s) in the contract,” is important? Explain with…

A: Definition: Performance obligation: A performance obligation is a promise to transfer to the…

Q: How might the definition of “probable” affect determining whether a contract exists under IFRS as…

A: GAAP: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules…

Q: What is an Option Contract?

A: An Option contract is an agreement between two parties to buy or sell an underlying asset, at a…

Q: the present value of this liability?

A: Present Value: Present value is the real value of an asset discounted by the rate which shows the…

Q: What is a contingent liability? Provide some examples of contingencies.

A: Explain the meaning of contingent liability and provide some examples: A contingent liability, as…

Q: Which of the following is also called a "liability waiver"? confidentiality clause noncompete…

A: An obligation or a liability is something an individual or organization owes, it usually includes…

Q: What transactions do you prefer to use negotiable instruments?

A: Negotiable instruments are written contracts whose benefit could be passed on from its original…

Q: Explain Contingent Liabilities.

A: Contingent liabilities are the liabilities of the company but they can not be classified as current…