Discuss revenue from contracts with customers

Assignment Help Accounting Basics
Reference no: EM131770495

Which of the following is NOT a factor in determining 'highest best use'?
financially feasible
all the listed are factors
legally permissable
physically possible

ABC Ltd owns an asset that can be traded in four different locations, Markets 1 to 4. The number of trades in markets 1 to 4 are 40 trades, 38 trades, 33 trades and 30 trades respectively. The price of the asset in each of the markets is $32, $28, $25 and $31 respectively. The transaction cost in each of the markets is similar at $3. The transport cost is in each of the markets is $4, $4, $2 and $2 respectively. What is the fair value of this asset?

$32
$29
$25
$28

A software company, SS Software Ltd ("SSS") packaged a software programme and one-year technical support together for $500. Assume that SSS sells the software programme separately for $450 and the one-year technical support for $100. How much revenue should SSS attribute to the one-year technical support under FRS 115 Revenue from Contracts with Customers?
$409.09.
$90.91.
$100.
$50.

Reference no: EM131770495

Questions Cloud

Prepare debt service fund and government-wide entries : Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary
Dynamic views of monopoly and the policies : Briefly contrast the static and dynamic views of monopoly and the policies appropriate for each.
Individual demand and supply of goods and resources : How might such unrest impact the individual demand and supply of goods and resources in the affected country? What happens to market equilibrium
What are the future challenges facing jordan : Discuss identified opportunities to improve efficiency and service delivery. What are the future challenges facing Jordan?
Discuss revenue from contracts with customers : How much revenue should SSS attribute to the one-year technical support under FRS 115 Revenue from Contracts with Customers
Determine the legal structure of your business : In this project, you are determining the best legal form and organizational structure for your new business. Determine the Legal Structure of Your Business
Identify the resources currently available in your state : Identify the resources currently available in your state to support this family in the care of this child, including assistance programs for costs of health car
Calculate the overhead rate for each department : A company has two departments that all goods pass through, machining and assembly. Machining overhead is applied based on machine hours and assembly overhead.
Discuss what is the fair value of this asset : The transport cost is in each of the markets is $4, $4, $2 and $2 respectively. What is the fair value of this asset

Reviews

Write a Review

Accounting Basics Questions & Answers

  Specific regulations exist within sox

1. What specific regulations exist within SOX regarding whistleblowers? What SAS, if any, applies?

  Assuming the exchange rate between malaysian ringgits

Assuming the exchange rate between Malaysian ringgits and U.S. dollars is $ 0.4538 on March 1 and $ 0.4899 on March 31, prepare the entries to record the sale on March 1 and the cash receipt on March 31.

  Describe the legislative framework

Describe the legislative framework and the regulatory context in which companies are established and operate in Australia and their impact on companies

  Journal entry to record the purchase of the property

Prepare the journal entry to record the purchase of the property, including all expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year

  Discuss the standard variable overhead rate per direct labor

showing a variable overhead efficiency variance of $4,200 unfavorable. What was the standard variable overhead rate per direct labor hour

  What are the sunk costs

The incremental costs are purchase price ($3,000) and cash operating costs ($500). Here is a question for you based on the information in the table. What are the sunk costs, if any, in this situation?

  Use of standards be appropriate in a non-manufacturing

Would the use of standards be appropriate in a non-manufacturing setting,such as a fast-food restaurant?

  Which of the given accounts is not a liability account

Which of the following accounts is not a liability account? Which of the following items are requirements of double-entry accounting?

  Tiger furnishings produces two models of cabinets for home

tiger furnishings produces two models of cabinets for home theater components the basic and the dominator. data on

  Stakeholder expectations for a non-profit organization

What are some differences one might expect among stakeholder expectations for a non-profit organization versus a for-profit business? Do you think non-profit managers have to pay more attention to stakeholders than do for-profit managers?

  Sunshine airways provides air transportation services

sunshine airways provides air transportation services between philadelphia and orlando. a single philadelphia to

  J acquires an oil and gas property interest for 300000 jr

j.r. acquires an oil and gas property interest for 300000. j.r. expects to recover 50000 barrels of oil. intangible

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd