Conditional rights should be reported on the statement of financial position a) as contract assets. b) as

Fantastic news! We've Found the answer you've been seeking!

Question:

Conditional rights should be reported on the statement of financial position

a) as contract assets.

b) as receivables.

c) only once the conditions have been met.

d) as contract liabilities.

Related Book For answer-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

See More Books

Posted Date: Aug 22, 2020 10:00 PM

See More Questions

The statement of financial position of Rodges Corporation follows (in thousands): Instructions Evaluate the statement of financial position. Briefly describe the proper treatment of any item that you...
The statement of financial position of Sargent Corporation follows for the current year, 2014: The following additional information is available: l. The current assets section includes the following:...
The statement of financial position as at 31 December 20X2 of Zoom Products Ltd included: Trade receivables...............................85,360 The financial statements for the year ended 31...
1. Identify the function of the underlined noun/s in each item. 1. On rainy mornings, is your bus usually late? 2. On the desk were the red pencils. 3. Volcanoes and earthquakes are destructive...
What are some of the tools available only through electronic research? Which services offer these tools?
Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all...
How would you treat unsatisfactory responses that are discovered in editing?
Enterprise Industries produces Fresh, a brand of liquid laundry detergent. In order to study the relationship between price and demand for the large bottle of Fresh, the company has gathered data...
Describe what is meant by manufacturing profit? The account must include, direct materials labour and expenses prime cost indirect costs (factory overheads) work in progress at start and at end ...
Joe has $16 to spend on Twinkies and Ho-Hos. Twinkies have a price of $1 per pack, and Ho-Hos have a price of $2 per pack. Use the information in these graphs to determine the number of Twinkies and...
Several years ago, a woman won $60 million in the state lottery. To pay off the winner, the state offered five payment plans to the woman. Plan 1 included an immediate payment of $20 million followed...
You buy a computer game for $ 5 0 using your credit card, receive $ 9 0 in wages from your casual job and you receive $ 2 0 in interest on a savings account. Calculate the overall effect of these...
discuss the implications of geopolitical shifts, such as the rise of multipolarity and the decline of traditional power structures, on the dynamics of global governance and diplomatic relations?
How do hegemonic power structures manifest within contemporary political frameworks, and what strategies can marginalized groups employ to challenge and reshape these dynamics
The income elasticity of demand for "Eggs" (in the United States) is approximately equal to 0.37. The price elasticity of demand for "Eggs" (in the United States) is approximately equal to -0.23. Due...
Explain Demand for labor and capital is derived from demand. Firms need to employ more workers when there is greater demand for the product that they make. If demand for takeaway coffee rises, then...
The city of Austin needs to collect $2,000,000 in property tax revenues. The city estimates 5% of the tax revenues will not be collectible. How much in tax levies should the city of Austin for the...
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...
What is goodwill? What is a bargain purchase?
Cardinal Technology recently merged with College Electronix, a computer graphics manufacturing firm. In performing a comprehensive audit of CEs accounting system, Richard Nye, internal audit manager...
Lexington AG's weekly payroll of 24,000 included Social Security taxes withheld of 1,920, income taxes withheld of 2,990, and insurance premiums withheld of 250. Prepare the journal entry to record...
A construction engineer has to inspect 5 construction sites in a 2-day inspection schedule. He may or may not be able to visit these sites in two days. He will not visit any site more than once. (a)...
An explosion in an LNG storage tank in the process of being repaired could have occurred as the result of static electricity, malfunctioning electrical equipment, an open flame in contact with the...
What conditions for the binomial distribution, if any, fail to hold in the following situations? (a) For each of a company's eight production facilities, record whether or not there was an accident...

Conditional rights should be reported on the statement of financial position a) as contract assets. b) as

Question:

Expert Answer:

Solution Contract assets are of two types a Unconditional rights to recei... View the full answer

Intermediate Accounting IFRS

Students also viewed these accounting questions