Under PFRS 15, when shall a consignor recognize revenue from its consignment sales?   When it is probable that future economic benefits will flow to the consignor and the fair value of the revenue can be measured reliably. When the consignor receives cash remittance from the consignee. When the consignor satisfies its performance obligation under consignment contract. When the consignor enters into a consignment contract with a consignee.

Q: The following certain attributes present into a contract to determine whether the arrangements with…

A: Revenue can be recognized when there is a contract with the customers and performance obligation has…

Q: Which of these three characteristics (I, II, and III) are required in order for a promised good or…

A: Promised goods or services will be considered distinct if: When it is capable to being distinct…

Q: What do we mean by revenue recognition? What does GAAP say about proper revenue recognition?

A:

Q: Which of the following statements is false? a.    The monetary unit assumption is used under IFRS.…

A: International Financial Reporting Standards (IFRS): IFRS is a set of international accounting…

Q: The fair value of a liability is defined as: a. the appraised value of the liability. b. the price…

A: The fair value of a liability is defined as the amount that would be paid when transferring a…

Q: How do companies account for long-term contracts that qualify for revenue recognition over time?

A: The companies use the following two methods to record the long term contract when it turns out to be…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: 1. Should the two contracts be combined for purposes of applying the five-step revenue recognition…

A:

Q: Which of the following loan commitments are within the scope of IPFRS 9? * Loan commitments that the…

A: the following loan commitments are within the scope of IPFRS 9:: Loan commitments that can be…

Q: According to IAS 18, Révéňué, whičh twó óf the following criteria must be satisfied before revenue…

A: The outcome of the transaction is certain is not the criteria for recognizing revenue as revenue is…

Q: A provision shall be recognized when except * it is probable that an outflow of resources embodying…

A: A provision is an account set off for any obligation which can occur in future. In other words, a…

Q: PAS 16 states that if an exchange transaction causes a significant change in cash flows, the…

A: PAS 16, PROPERTY PLANT AND EQUIPMENT states that if their is an  exchange of assets or partial…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: rationale for recognizing revenue over the life of a contract rather than at a single point in time…

A: Revenue refers to the sum of money generated by an individual or any business entity through its…

Q: what is the specific point in time when the consignor satisfies is performance obligation under…

A: Consignment represents the arrangement where the goods are sold to the buyer by a third party.

Q: true or false ___________ if the fair value of the asset given u[ in exchange transaction that has…

A: Fair market value: It is the value of the fixed asset on which a particular asset is being sold in…

Q: Discuss and outline the requirements for "revenue recognition principles". What do you think the…

A: Revenue Recognition Principles Revenue Recognition Principle is widely accepted accounting…

Q: Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue…

A: IAS 18 explains all the requirements that should be followed to recognize the revenue. Revenue…

Q: Non cash consideration received from customer should be:

A: GIVEN    Noncash consideration should be IS

Q: What is a repurchase agreement (product financing)arrangement? How should a product repurchase…

A:

Q: The new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n):…

A: Solution: The new standard, Revenue from Contracts with Customers "adopts an asset-liability…

Q: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

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: Under PFRS 15, what is the measurement of consignment sales revenue? a. realizable value of…

A: Consignment revenue: Consignment is a trade  contract   where  goods are left   in the custody  of…

Q: Which of the following factors, if present, would indicate that a transaction is not a contribution?…

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Q: In the final settlement, of the contingent consideration, which of the following statements is…

A: I. Contingent consideration classified as equity the amount shall be measured upon settlement and…

Q: Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue…

A: Barter transaction is a transaction where goods and services are exchanged for different goods and…

Q: Choose three out of six differences on page 55, (attached) and, for each of these three differences,…

A: US GAAP is preferred over IFRS due to the following reasons of difference:Shipping and handling…

Q: Any of the following criteria is considered satisfaction by an entity of performance obligation over…

A: As per IFRS 15, An entity transfers control of a good or service over time and, therefore, satisfies…

Q: Under PFRS 15, what is the measurement of consignment sales revenue?   A. Realizable value of…

A: The PFRS 15 states the revenue measured at Fair value consideration received or receivable.

Q: Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue…

A: Revenue is described as the amount which is earned by the business through sale of its goods or…

Q: If an entity has elected to use the fair value option for a financial liability; a. It is measured…

A: Liabilities: Liabilities are the obligations of an organization that an organization must pay in…

Q: Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.

A:

Q: d. when the entity's right to receive payment is established. 2. Entity A enters into a long-term…

A: ●2.Entity A enters into a long-term contract to provide services. The outcome of the transaction can…

Q: Which of the following conditions would support recognition of revenue? The seller’s price to the…

A: Revenue recognition principle states that the revenue should be recorded only when the product and…

Q: One of examples of contingent liability is an: * a. Obligations related to product warranties b.…

A: As per IFRS 37 provisions, contingent liabilities and Contingent assets. A provision is an present…

Q: Which of the following scenarios regarding a sale and leaseback transaction would result to a loss…

A: If fair value is less than the carrying amount of the asset then the loss on sale back should be…

Q: When percentage-of-completion accounting is not appropriate, U.S. GAAP requires the use of the…

A: