FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1.00pt/s The consideration received from a contract with
34.)
a customer that does not meet the criteria unde
r'Step 1'of PFRS 15 is
A recognized as liability.
B.
recorded through memo entry only.
disclosed only,
D.
b and c
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- The accrual of a contingent liability and the related loss should be recorded when the a. Loss resulting from a future event may be material in relation to income. b. Future event that gives rise to the liability is unusual in nature and nonrecurring. c. Amount of the loss resulting from the event is reasonably estimated and the occurrence of the loss is probable. d. Event that gives rise to the liability is unusual and its occurrence is probable.arrow_forwardAs a rule, when an obligation is subject to a condition, it is constituted the moment the condition is fulfilled. True Falsearrow_forwardexplain the principles of classical immunization strategy to meet a single liability obligationarrow_forward
- 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 identifiedarrow_forwardThe drawee dies not have liability on the instrument until it the instrument. a) certifies. b) delegates. c)negotiates. d) assignsarrow_forwardExplain how does a liability’s fair value change?arrow_forward
- The following are causes of extinguishment of a contract of deposit EXCEPT: a. Death of either party in case of onerous deposit b. Loss or destruction of thing deposited without fault of the depositary c. Payment of principal obligation d. Novationarrow_forwardUnder what circumstances is a contingent liability reflected in the accounting records as though an actual liability exists?arrow_forwardIf a contingent liability is probable but estimable only within a range, what amount, if any, should the firm report?arrow_forward
- 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 damagesarrow_forwardUnder IFRS, a liability is recorded if the chance of occurrence is Select one: A. probable. B. likely. C. undeterminable. D. unlikely.arrow_forwardt29arrow_forward
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