Identify the term being referred to: An agreement where one party conveys to the another party the right to use an asset for an agreed period of time, in return for periodic payments.
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Identify the term being referred to:
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- What are the two basic methods of accounting for longtermconstruction contracts? Indicate the circumstancesthat determine when one or the other of these methodsshould be used._____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contractBriefly describe the conceptual basis for asset and liability recognition under the right-of-use approach used by the lessee in a lease transaction.
- Which are the terms and condition on CONTRACT FOR FUTURE DEED?Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.Which of the following correctly describes a repurchase agreement?a. The sale of a security with a commitment to repurchase the same security at a specified future date and a designated price.b. The sale of a security with a commitment to repurchase the same security at a future date left unspecified, at a designated price.c. The purchase of a security with a commitment to purchase more of the same security at a specified future date.
- What do you think is the main criteria for the recognition of right of use asset and a lease liability on the part of the lessee?Explain the major merits or benefits that accrue to the lessee by acquiring a tangible asset under a leasing agreementWhat are the types of agreement related to sale-leaseback agreement?
- List the sequence of events for the lessee that leads to a lease arrangement.The amount due from or at the direction of the grantor is accounted for by the operator from the contract that is in the form of Financial asset as:fair value through other comprehensive incomeamortized costany of thesefair value through profit or lossWhat is the effect of loss of the thing or object in a contract of sale?