what kind of account is contract fees

Q: What is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

Q: Compute for the sale revenue to be recognized from the transaction above.

A: A contract is made when one party who is known as seller makes an offer and other party who is known…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: How an Ijarah contract is different from an installment-based credit sale?

A: Ijarah denotes a contract where one party transfers the right to use an item he owns to another…

Q: What is difference between accounting for a long-term contract and accounting for a more normal sale…

A: Sale Revenue is recognized when the goods are actually dispatched and delivered to the customer. In…

Q: What is the difference between a bill and a payment

A: Answer: Bill and payment are two different terns that can be used for same document. The two terms…

Q: What is rent receivables listed as

A: rent is made by the tenant to the owner. different is paid generally on the monthly basis but there…

Q: When is an employer-employee relationship exist?

A: Definition:

Q: When are contingent fees allowed?

A:

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

A:

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: Explain and illustrate types of Musharakah contracts

A: Musharakah Contracts: In Islamic Accounting it is a type of contract that is formed between two…

Q: Define the term Contract Modifications.

A: Accounting: Accounting is an art of collecting, recording, summarizing and presenting the financial…

Q: ne

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

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: Define the contract liabilities.

A: Liability: Liabilities include the claims of the creditors on the assets of the business. The…

Q: how payment or performance extinguishes an obligation.

A: An obligation arises when an agreement made between parties satisfies all the necesaary conditions…

Q: What is Form of payments

A: Payments are the consideration paid for buying goods or for receiving services. Goods include…

Q: Must obligations be known contractual debts in order to be reported as liabilities?

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

Q: Define what "accrual" AJE transactions are.

A: Journal entries are made in the books of account to record the financial transactions of a business.…

Q: How does account receivable work?

A: The term "account receivable" denotes that payment for previously completed work has yet to be…

Q: What is a forward contract?

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

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: What section of FASB provide guidance on referral credit paid to customers?

A: FASB stands for "Financial Accounting Standards Board , which was established in the year 1973.It is…

Q: What are the feature of Receipt and Payment Account?

A: Receipt and Payment Account is a summary of cash Receipts and payments in an accounting period. Not…

Q: How does a seller allocate a transaction price to a contract’s performance obligations?

A: Transaction price: Transaction price is the amount of consideration that is estimated by the company…

Q: A seller reports accounts receivable, “contract liabilities,” and “contract assets” on separate…

A:

Q: Understand the disclosures required for revenue recognition, accounts receivable,contract assets,…

A: Much disclosure is required for revenue recognition. For example, a seller recognises contract…

Q: Explain the difference between contract assets, contract liabilities, and accounts receivable.

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: What is the difference, definition, examples between account receivables and fees earned?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is the extent of the assignment of credit? Explain

A: Assignment of credit is explained as under:

Q: Describe the conditions when contract assets and liabilitiesare recognized and presented in…

A: Contract assets: It is the right of the firm to receive payment for the goods transferred or…

Q: Rent and Rates Account

A: Figures in € Rates Prepaid 2000 Rent Accrued 4000 Rent Paid 6000…

Q: Explain the reporting for (a) costs to fulfill a contract and (b) collectibility.

A: Fulfillment costs are divided into two categories: (1) Those that arise from assets; (2) Those that…

Q: What is a revolving credit agreement?

A: Credit refers to the concept is being defined as the financial agreement where the borrowers receive…

Q: . Which of the following may not be equal to the contract rate of interest? a. stated rate b.…

A: Contract rate of interest is the defined rate of interest on bonds, notes or loan.

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: What is a fee income

A: Fee Income There are different ways an organisation can make the sources of income like sales…

Q: Define salaries payable.

A: Salaries payable is a liability account.

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: What is the relationship of the promissory note between the maker and the payee?

A: A note of hand can be a financial instrument that contains a written promise by one party (the…

Q: What is the difference between Accounts Payable foradvertising and Advertising Expense?

A: Operating expenses: These are the expenses that are incurred in carrying out the normal operations…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: WHAT IS THE LOAN FACILITY THAT WILL BE USED TO COVER THE DEPOSIT AND CLOSING COST

A: Credit facility Meaning: Credit facility is type of loan that is made business and corporate…

Q: What are the issues involved in determining if signing a bonus is an asset or an expense?

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