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The main difference between the Chinese students and their Western counterparts is in
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What is the main difference between the two parts of the city?.
A. The colour of the buildings.
B. The age of the buildings.
C. The colour of the roofs.
D. The length of the streets.
A.an indemnifier takes up primary liability to the creditor
B.an indemnity must be evidenced in writing
C.a guarantee can be given orally or in writing
D.an indemnity would be unenforceable
Required:
(a) (i) Discuss the main weaknesses in the current standard on revenue recognition; (11 marks)
(ii) Discuss the reasons why it might be relevant to take into account credit risk and the time value of money in assessing revenue recognition. (5 marks)
Professional marks will be awarded in part (a) for clarity and expression of your discussion. (2 marks)
(b) (i) Venue enters into a contract with a customer to provide computers at a value of $1 million. The terms are that payment is due one month after the sale of the goods. On the basis of experience with other contractors with similar characteristics, Venue considers that there is a 5% risk that the customer will not pay the amount due after the goods have been delivered and the property transferred. Venue subsequently felt that the financial condition of the customer has deteriorated and that the trade receivable is further impaired by $100,000.
(ii) Venue has also sold a computer hardware system to a customer and, because of the current difficulties in the market, Venue has agreed to defer receipt of the selling price of $2 million until two years after the hardware has been transferred to the customer.
Venue has also been offering discounts to customers if products were sold with terms whereby payment was due now but the transfer of the product was made in one year. A sale had been made under these terms and payment of $3 million had been received. A discount rate of 4% should be used in any calculations.
Required: Discuss how both of the above transactions would be treated in subsequent financial statements under IAS 18 and also whether there would be difference in treatment if the collectability of the debt and the time value of money were taken into account. (7 marks)
The difference between the control group and the experimental group was ______.
A.the training that parents received
B.the age of the children
C.the books that were read
D.the number of the children
A.advantage
B.benefit
C.privilege
D.profit
Usually, taxable items and the amount of tax ______.
A.have no difference from place to place in the U. S.
B.are over 15% in the U. S.
C.have been put an end in the U. S.
D.vary from place to place in the U. S.
The difference between the BCWS and the BCWP is referred to as the:
A . Schedule variance
B . Cost variance.
C . Estimate of completion
D . Actual cost of the work performed
E . None of the above
78 The major difference between project and line management is that the project manager may not have any control over which basic management function?
A. Decision-making
B. Staffing
C. Rewarding
D. Tracking/monitoring
E. Reviewing