Explain the difference between the consignor and consignee in a consignment arrangement. When would each recognize revenue?
Question:
Explain the difference between the consignor and consignee in a consignment arrangement. When would each recognize revenue?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
The consignor is the owner of the goods which are to be sold ...View the full answer
Answered By
Kainat Shabbir
i am an experienced qualified expert with a long record of success helping clients overcome specific difficulties in information technology, business and arts greatly increasing their confidence in these topics. i am providing professional services in following concerns research papers, term papers, dissertation writing, book reports, biography writing, proofreading, editing, article critique, book review, coursework, c++, java, bootstarp, database.
5.00+
184+ Reviews
255+ Question Solved
Related Book For
Understanding Financial Accounting
ISBN: 9781119406921
2nd Canadian Edition
Authors: Christopher D. Burnley
Question Posted:
Students also viewed these Business questions
-
The following are independent situations. 1. The insurance policy on your car starts February 1, 2020, and covers one year. You paid the insurance company $1,800 on January 28, 2020. 2. Porter...
-
The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020: Required a. Prepare a single-step statement of income for the year ended June 30, 2020. b....
-
The following information was taken from Egeland Ltd.s adjusted trial balance as at July 31, 2020: Sales revenue..................................................$2,788,800 Interest expense...
-
For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x) = x + 5x
-
Does the set of the nth roots of unity [Eq. (1.36)] with the rule of combination being ordinary multiplication form a group? Justify your answer.
-
Sometimes outliers can have a significant effect on statistics, and sometimes they dont. Use the following distribution to determine which statistics are affected by outliers. Round to the nearest...
-
What kinds of tasks do you think can be done by machines or computers in the future to help managers improve their employees well-being?
-
This case is designed like the ones in the chapter. Your assignment is to write the audit approach portion of the case, organized around these sections: Objective. Express the objective in terms of...
-
The reaction H2 + I 2 = 2HI occurs in the gas phase within a closed piston assembly. The gases are ideal, and the reactor will operate isothermally. The reaction is first order in the concentration...
-
Assume that the average variance of return for an individual security is 50% and that the average covariance is 10%. What is the expected variance of a portfolio of 5, 10, 20, 50, and 100 securities....
-
Explain the difference between assurance and service warranties, and how they affect the recognition of revenue under the contract-based approach.
-
TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2020, TreeHold signed...
-
In an RLC circuit such as that of Fig. 3I-7 assume that R = 5.00, L = 60.0 mH, f d = 60.0 Hz, and m = 30.0 V. For what values of the capacitance would the average rate at which energy is dissipated...
-
Question 21. ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing requires the auditor to obtain sufficient...
-
Design an ER diagram for a Hotel Reservation System described below: Very important notes: 1- Make sure to suggest the necessary attributes for each entity and relationship if any. 2- Make sure to...
-
7. An individual files for an automatic extension before April 15, Year 2. The individual files the income tax return on July 31, Year 2, and pays the tax due. When does the statute of limitations...
-
Classify the following leases from BOTH (separately) the lessor's and the lessee's perspective. Provide justification for your decision. b) ) A large restaurant is leasing complete kitchen unit from...
-
Which category of controls are products or services that work in an automated fashion to protect information and assets?
-
The comparative financial statements of Sopa Company for 2017, 2016, and 2015 included the following selected data: Required 1. Compute these ratios for 2017 and 2016: a. Current ratio b. Acid-test...
-
Tanaka Company's cost and production data for two recent months included the following: March April Production (units).........300................600 Rent.....................$1,800............$1,800...
-
Manitoba Manufacturing Inc. (MMI) has a loan from the Canadian National Bank to help finance its working capital. The terms of the loan are that the bank will lend MMI an amount up to 33% of its...
-
The financial data for Kens Fresh Fruits Incorporated and Als Supermarket Ltd. for the current year are as follows: Required a. Calculate the inventory turnover for each company. b. Calculate the...
-
The financial data for Michaels Foods Inc. and Sunshine Enterprises Ltd. for the current year are as follows (amounts in thousands): Required a. Calculate the accounts receivable turnover for each...
-
A point +1 C charge and another point charge Q are 40 cm apart. At the point along the line joining the two charges that is 10 cm from the +1 C charge (and hence 30 cm from charge Q), the net...
-
A point charge of +15 nC is placed at the origin of a rectangular coordinate system. a. Determine the vector electric field at P(10m, 5m, -6m). b. With the +15 nC charge still at the origin,...
-
A 1200 kg car traveling north at 10 m/s is rear-ended by a 2000 kg truck traveling at 28 m/s. What is the total momentum before and after the collision? before collision after collision kg.m/s kg.m/s
Study smarter with the SolutionInn App