The consideration received from a contract with a customer that does not meet the criteria unde r'Step 1' of PFRS 15 is A recognized as liability.

If a contingent liability is probable but estimable only within a range, what amount, if any, should the firm report?

Which of the following damages are also referred to as special damages because they arise outside the contract? Multiple Choice Liquidated damages Consequential damages О Punitive damages Compensatory damages

Under IFRS, a liability is recorded if the chance of occurrence is Select one: A. probable. B. likely. C. undeterminable. D. unlikely.

Which of the following mistakes that does NOT render an agreement defective?    A)  identity of the party or parties    B)  identity of the subject matter    C)  terms of the contract    D)  existence of the subject matter

The requirements of a 'provision' or a 'contingent liability in compliance with MFRS137

A lawsuit is an example of a contingent liability for the defendant. O True False

A promise to grant a license is most likely indistinct if  [A] The license is not integral to the functionality of a tangible good. [B] The customer can benefit from the license separate from other related services. [C] This performance obligation is satisfied over the time. [D] The customer can benefit from the license on its own and the license is separately identifiable. [S1] The insurer of an insurance contract becomes the policy holder in a reinsurance contract. [S2] Retrocession is where the insurance risk is transferred from one reinsurer to another reinsurer. [A] both are true [B] both are false [C] S1 is true [D] S2 is true Goods on consignment should be included in the inventory of [A] The consignor but not the consignee, [B] Both the consignor and consignee. [C] The consignee but not the consignor. [D] Neither the consignor nor the consignee.   Which of the following is not a criterion required to recognize that a contract with a customer is created? [A] The contracting…

A company can have a liability even if the amount of the obligation is unknown. O True O False