iGAAP prohibits the use of the completed-contract method in accounting for long-term contracts. If revenues and costs

Question:

iGAAP prohibits the use of the completed-contract method in accounting for long-term contracts. If revenues and costs are difficult to estimate, how must companies account for long-term contracts?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

See More Books

Question Posted: Feb 19, 2011 03:44 AM

See More Questions

If the closing balance of receivables is less than the opening balance for a month then which one is true out of A Collections > Current Purchases B Collections > Current Sales C D Collections...
We want a flexible budget because costs are difficult to predict. We need the flexibility to change budgeted costs as input prices change." Does a flexible budget serve this purpose? Explain.
A District of Columbia ordinance prohibits the use of any vehicle in any form in a District of Columbia park. Does the ordinance apply to the following? Why or why not? How would you change the law...
List the directors duties in respect of going concern basis.
Beginning inventory is $20,000, net purchases total $110,000, and freight in is $4,000. If ending inventory is $28,000, what is cost of goods sold?
Write the null and alternative hypotheses for this new question. Suppose we didnt have a preconceived notion that the right front tire would be chosen more oft en, but just wanted to find out if it...
Explain how irregular items are reported.
Identify the types of likely conflicts during the project buildup, main program, and phase-out stages.
In 2021, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology...
Assume that the network in Figure 20.34 (previous problem) uses distancevector routing with the forwarding table as shown for each node. If each node periodically announces their vectors to the...
What is a major difference between iGAAP and U.S. GAAP as regards revenue recognition practices?
Livesey Company has signed a long-term contract to build a new basketball arena. The total revenue related to the contract is $120 million. Estimated costs for building the arena are $40 million in...
Factor the trinomial. 8x 2 - 2x - 3
1. How will you check if a class is a child of another class? 2. What is init method in python?
1. What are lists and tuples? What is the key difference between the two? 2. What is Scope in Python?
1. What is an Interpreted language? 2. What is a dynamically typed language?
Q.1 If denotes increasing order of intensity, then the meaning of the words [talk shout scream] is analogous to [please pander]. Which one of the given options is appropriate to fill the blank? (A)...
How are those around you dealing with your situation?
Use the graphs of f and g to graph h(x) = (f + g) (x). To print an enlarged copy of the graph, go to MathGraphs.com. 1. 2. y 24 8. 2. -2 -2 4 6
Redo Problem 10.3-3 using Aspen Plus. Problem 10.3-3 A liquid mixture of the composition given in Problem 10.3-1 is to be flashed at P = 20 bar and a collection of temperatures between the bubble...
In 2012, Gurney Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for this contract is shown below....
Berstler Construction Company began operations in 2012. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31,...
Pacific Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement, a payment of $28,000 is due. Thereafter, three annual payments of $14,000 are required. The...
September 1 . Purchased a new truck for $ 8 3 , 0 0 0 , paying cash. September 4 . Sold the truck purchased January 9 , Year 2 , for $ 5 3 , 6 0 0 . ( Record depreciation to date for Year 3 for the...
Find the NPV for the following project if the firm's WACC is 8%. Make sure to include the negative in your answer if you calculate a negative. it DOES matter for NPV answers
What is the value of a 10-year, $1,000 par value bond with a 12% annual coupon if its required return is 11%?

iGAAP prohibits the use of the completed-contract method in accounting for long-term contracts. If revenues and costs

Question:

Step by Step Answer:

If revenues and costs are di...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions