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Question -
A) A Ltd sells computer software to B Ltd on 1 Jul 20X8 for £800,000, a price which includes the provision of a support service for 2 years.
A Ltd sells this software to other customers without the support service for £700,000 and has other service contracts providing similar support at a price of £150,000 per annum.
What should be recognised for the year ended 31 December 20X8 according to IFRS 15 Revenue from Contracts with Customers?
B) Venus Ltd has a contract to supply catering services to a retail company and it is to be supplied evenly over two year period from 1 Oct 2017- 31 Sep 2019. The agreed contract price is £240,000. The year end is 31 Dec.
Identify what to recognize in Income Statement for 31 Dec 2018?
C) A furniture retailer sells goods to a customer for £80,000 on 1 January 2020 Delivery will take place immediately and the company has given the customer an interest-free credit period of 36 months. Discount rate is 6%. What is recognized for the year-end 31 Dec 2020.
Recommend a strategy for a CEO to implement, leading to an ethical environment that leads to high-quality accounting, reporting, and forecasting.
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How can an individual sustain and grow a healthy and useful culture in the areas of music, literature, art, theater, education, or religion? Which area(s) of the humanities should be emphasized? Why?
The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated future warranty expenses. The most likely reason for this action is to:
Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume that all purchases and sales are on credit but no discounts.
Find which the indirect cost of converting raw material into finished goods are called? Which of the following is not a product cost component?
What changes can you envisage in economic order quantity based planning when the demand for item increases by 5%? The carrying cost will increase by 1/ v(5%)
Prepare a partial work sheet consisting of the first six columns (similar to the one shown in Exhibit 5B.1) that includes the unadjusted trial balance
Determine the cost per equivalent unit of direct materials and conversion
While there are many instances of overlap between financial accounting and management accounting, each group's primary focus is different.
Over the past several years, Jacobian has seen that year-end allowance account has a debit balance before adjustment. The company wants an in-depth analyzes of bad debts and a determination as to which method to use. You have been hired to perform..
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