Answer:
a. The value of inventory declines below cost.
Explanation:
- The inventory values are the total cost of the value calculated at the ends of the inventory accounting period and the market value is compared by the lowering of the inventory costs.
- For each type of the item the net realized values cause a loss in the values of the inventory which needs to be recognized.
C. A Novation
In contract law, a novation is the cancellation of one contract and replacing it with another contract.
Answer:
B. The selling price of the product and the consideration promised in the contract differ significantly.
Explanation:
"While determining the transaction price, an entity shall adjust the amount of consideration with respect to the time value of money, if the timing of payment to be made by customer under the contract provides some significant benefit of financing to the customer or the entity for the transfer of goods or services to the customer. The Significant financing benefit could be explicit or implicit in the contract.
The idea behind the significant financing component is that entity should consider the revenue based on the price that a customer would have paid at the time of transferring the goods or services to the customer by the entity i.e. Cash Selling Price (If the payment was made immediately)."
Reference: Prasenjit. “ASC 606: Step 3 – Determining the Transaction Price.” RevGurus, 25 Mar. 2019
Nirav recently opened a savings account offering 2% annual compound interest, this means that Nirav will earn the same amount of interest each year for four years.
<h3>What is a saving account?</h3>
An account at a retail bank is formally called as a savings account. This is a type of account that person granted a person that his money is safe in a particular bank. Refer to the image below for the complete question.
The given case tells about that <u>what would be the impact</u> of savings account offering 2% annual compound interest on Nirav, then he will earn the same amount of interest compounded each year for four years.
Learn more about the interest, refer to:
brainly.com/question/1040694
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Answer:
a collection of screen names, like on your phone where you keep all your friends' phone number
