Under PFRS 15, what is the measurement of consignment sales revenue?   A. Realizable value of consideration received or receivable B. Fair value consideration received or receivable C. Book value consideration received or receivable D. Cost of consideration received or receivable

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

Q: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: What amount should be presented as a deduction from cost of goods sold?

A: The GAAP principles require that the inventory should be valued at the lessor amount of its laid…

Q: What is a performance obligation, and how is it used todetermine when revenue should be recognized?

A: The performance obligation is the promise made by the business entity to provide the goods or…

Q: For assets acquired on credit or by installment, the cost or fair value is equal to:  A. cash…

A: The fixed assets are the assets acquired by the business to use for long run.

Q: Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the…

A: Income and Expenditure Account: Its a summary of all incomes and expenditures of current accounting…

Q: Choose the correct.For which of the following does IFRS for SMEs not provide a simplification of…

A:

Q: You and your colleagues Yusuf a Accounting. You were discussin following: - The total fair value of…

A: When a company is substantially acquired by another company, its accounts are consolidated with the…

Q: advantages of taking amount (measurement bases)

A: Measurement bases are bases at which elements of financial statements are recognized.

Q: Understand the concept of relevant revenues and costs. What makes a revenue or cost relevant?…

A: solution concept relevant revenue                 relevant revenue means the revenue which has the…

Q: Which of the following best describes revenue?

A: In simple accounting term revenue is the amount which company earn by selling goods or providing…

Q: Which of the following conditions would violate the revenue recognition principle? Revenue is…

A: Revenue: This is the income of a firm during an accounting period. The income is recognized as and…

Q: Explain the revenue recognition principle.

A: Accounting principle:

Q: Which of the following is not a pervasive expense recognition principle? a. immediate recognition…

A: Option C - Cash Payment is not a pervasive expense recognition principle.

Q: Under what circumstances should sellers consider the time value of money when recognizing revenue?

A:

Q: Revenue Realization and Matching principles

A: Option 1 is wrong because the statement is true. Revenue should be recognized when the process of…

Q: Are donation of goods considered an expense or cost of sale on statement of profit and loss or other…

A: Donation is a part of voluntary activity. It is not part of business consideration. Anything given…

Q: How does Dropbox apply GAAP to revenue recognition? Explain and give examples.

A: Generally Accepted Accounting(GAAP) GAAP are a set of rules the encompass the details, complexities…

Q: How is a revenue-recognition abuse related to the percentage of completion method?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Use U.S. GAAP to determine how to subsequently measure the ten financial assets in requirement 1.…

A: 1). All stand-alone derivatives are classified under the Fair Valu through Profit and Loss (FVTPL)…

Q: Why Revenue is recognized when performance obligations are satisfied, not necessarily when cash is…

A: Revenue recognition principle: Revenue recognition principle states that every business organization…

Q: statements are to be recognized and carried in the statement of financial position and statement of…

A: Answer: Option D is the Correct Answer i.e. Measurement

Q: How does accounting rate of return (ARR) differ from the internal rate ofreturn (IRR)?

A: Introduction: Capital budgeting is an investment criterion or decision making mechanism for…

Q: IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current…

A: Introduction:- The International Accounting Standards Board (IASB) issued Framework for the…

Q: Understand the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

Q: Write the definition, recognition, measurement and derecognition of BORROWING COST

A: Following is the answer to the given question

Q: Non cash consideration received from customer should be:

A: GIVEN    Noncash consideration should be IS

Q: The entry to record transaction costs for financial assets measured at fair value through surplus or…

A: The correct answer for the above mentioned question is given in the following steps.

Q: Under the U.S.​ GAAP, which of the following is not an approach used to determine when to report an​…

A: The U.S. GAAP are accounting policies followed by US companies for financial reporting purposes.

Q: allocated to the award credits when it fulfils its obligations in respect of the awards. a. All…

A: Correct option is c i.e 2nd statement is incorrect while the 1st statement is correct   Explanation:

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

Q: ASPE and IFRS.

A: Introduction: Revenue recognition: Revenue recognition is an accounting theory that defines the…

Q: Outline revenue recognition criteria under modified accrual accounting

A: Modified accrual accounting: The standards for this approach are set by the Government Accounting…

Q: Explain the mind the relation between the recognition of deferred revenue associated with advance…

A: Deferrals: Deferrals refer to “Transactions, events, or arrangements” where in the cash flows are…

Q: Which of the following could be charged to the profit and loss account as an expense? O A…

A: Profit and Loss account provides overview about all incomes and expenses of an entity for a…

Q: What are the two most often used ways of accounting for revenue from by-products?

A: When the manufacturing entity is engaged in manufacturing the main product which is the main source…

Q: For which of the following accounts would the matching concept be the most appropriate?a. Cost of…

A: Matching principle in accounting says that all revenues of the business for the particular period…

Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.