When estimating variable consideration, companies can use the expected value method or most likely amount method Companies may pick the method that results in the lowest administrative cost True False Collection of all of the consideration must be certain for a contract to be valid True False A valid contract can be written, oral or implied True False

The Answer is in the image, click to view ...

Question: When estimating variable consideration, companies can use the expected value method or most likely amount method. Companies may pick the method that results in the

When estimating variable consideration, companies can use the expected value method or most likely amount method. Companies may pick the method that results in the lowest administrative cost.

		True
		False

Collection of all of the consideration must be certain for a contract to be valid.

		True
		False

A valid contract can be written, oral or implied.

		True
		False

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

When estimating variable consideration, companies can use the expected value method or most likely amount method. Companies may pick the method that results in the lowest administrative cost. True...

Companies have two choices for accounting for cash discounts, the gross method and net method. Net income will be the same under either method. True False When estimating variable consideration,...

In order for a performance obligation to be considered a separate performance obligation under the revenue recognition standard, the obligation must be Integrated or bundled into a combined product....

When estimating variable consideration, companies can use the expected value method or most likely amount method. Companies may pick the method that results in the lowest administrative cost. True...

Refer to the article in theassignment folder and answer the following question: In their evaluation of the IAS 15Standard titled ?Revenue from Contracts with Customers?, Bioni et al (2012)made the...

help ACC 215 Financial Report 150 Point Assignment! Step 1: Select your companies. You may pick any two companies - examples are included at the end of this assignment. However, they must be from the...

Practice Question 1 In full costing, fixed manufacturing overhead is considered to be a period cost. True False Practice Question 2 Mortenson Machines announced that production was being reduced...

1. Government grant related to depreciable asset is usually recognized as income a. Immediately b. Over the useful life of the asset and in proportion to the depreciation of the assets. c. Over the...

Explain carefully why your answers to Exercise 18 are both correct even though there appear to be differences. In Exercise 18 121 101

Write an essay on Dekota wireless network.

Calculate Current Ratio, Quick Ratio and Cash Ratiofor 2016 Nike, Inc. Income Statement Annual Income Statement (values in 000's) Get Quarterly Data Period Ending: Trend 5/31/2017 5/31/2016 5/31/2015...

Find the radius of gyration of a plate covering the region bounded by x=3, x=5, y=0, and y=4 with respect to the y-axis.

=+not make computers that last longer, thereby reducing markedly the CO2 emissions per sale?113 What connection does planting trees have with Dells core business model? Does this matter? Would it be...

=+(http://www.greenpeace.org/). Is environmental sustainability given a high enough priority in business, politics, and society today? Why, or why not?

=+3. Go to Dells Plant a Tree for Me Web site: http://content.dell.com/us/en/corp/d/ corp-comm/PlantaTreeforMe.aspx. The program gives Dells consumers the option to pay the cost of planting trees to...