What is a performance obligation?

Q: Define Prior service cost.

A:

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: What is make-whole provision?

A: A call provision helps the issuer of the bond to call back or repurchase the bond at any time before…

Q: What is the separation of duties?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the function of the optional delivery commitment?

A: Delivery Option:It allows to switch a short position to a different grade or quality for a standard…

Q: What is managing underwriter?

A: Managing Underwriter: The leading company in a guaranteeing group, which creates the transaction and…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: On what basis should the transaction price be allocated to various performance obligations? Identify…

A:

Q: nat is the Production EC Company?

A: The cost of production for any company’s product must be determined in order to control cost and…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: Define contract assets.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: What are “participation rights”?

A: Convertible securities: Convertible security is a security that has the potential to be converted…

Q: Define the term Contract Modifications.

A: Accounting: Accounting is an art of collecting, recording, summarizing and presenting the financial…

Q: How to Allocate the Transaction Price to Each Performance Obligation?

A: In revenue recognition , following steps are done- first of all we determine whether there is a…

Q: What is a constraint?

A: Internal Control:   It refers to a set of rules, policies adopted by a business to ensure accuracy…

Q: ontr

A: Definition of a Contract: A contract is a legally enforceable agreement. It might be a promise to do…

Q: What is discretionary reporting?

A:

Q: Explain the term Voluntary Conveyance

A: Voluntary Conveyance: Voluntary conveyance is defined as an elective transmission of title from one…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: Define the term contract assets.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: What is management by exception?

A: Management by Exception: Management by exception is one of the management styles where the…

Q: What is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

Q: Why does Recognizee revenue when (or as) each performance obligation is satisfied,” is important?

A: Performance obligations are promises to transfer goods or services to a customer. In a transaction…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: Define net pay.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: What is lead underwriter?

A: Underwriting is a process through which securities of company sale by third party in the market.…

Q: What is a performance obligation? Under what conditionsdoes a performance obligation exist?

A:

Q: Define the term Force account?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What indicators suggest that a performance obligation has been satisfied at a single point in time?

A: Performance obligation: Performance obligation is the promise made by the seller to supply the goods…

Q: Distinguish between responsibility, authority, and accountability. Which flow upward and which flow…

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Illustrate The Underwriting Process?

A: Underwriting is a process by which investment banks generate funds for the organization.

Q: What are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: What characteristics make a good or service a performance obligation?

A: Performance obligation: Performance obligation is the promise made by the seller to supply the goods…

Q: Explain how to allocate the transaction price to each performance obligation.

A: If a customer receives a discount for acquiring a bundle of goods or services, the entity should…

Q: What is Accumulated benefit obligation?

A:

Q: What Is  the term Surcharging?

A: A surcharge could be a fee applied to a master-card transaction for the acceptance of the…

Q: What is meant byseparation of duties?

A: In every organization, separation of duties is one of the features which should be used for the…