Definition of the following in Accounting 1. Amortization of Franchise Give an Examples of Franchise
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Definition of the following in Accounting
1. Amortization of Franchise
Give an Examples of Franchise
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- Under Accounting for Franchise Operation - Franchisor. True or false only with reason if possible. Thank youIn a franchise arrangement, what are a franchisor’s typical performance obligations?1. Under PFRS 15, how shall revenue from contracts with customers such as revenue from initial franchise fee be recognized by the franchisor? a. Upon receipt of the initial franchise fee by the franchisor. b. Upon signing of the franchise agreement. c. When the franchisor satisfies the performance obligation under the franchise agreement. d. Applying the legality over the substance of the transaction. DED g 15
- Briefly Discuss the basis for Revenue Recognition of the Franchise(a) Which of the following is a "financial instrument' as defined by MFRS 9? Glve reasons for your answer. (1) Leases (i) Trade receivables (il) An investment in an associate (iv) A non-controlling interest in a partnership (v) Provision for employee benefitsDiscuss the implication of reporting NCI as a separate item of owners equity
- Define underwriter (of IPO)Which one of the following item will be debited in profit and loss appropriation account? a. Interest on loan b. Interest on drawings c. Interest on deposits d. Bonus to partnersTh e assumption that an entity will continue to operate for the foreseeable future is called: A . accrual basis
- How is a contingent liability accounting for in a business combination by the acquirer under IFRS for SMEs?The meaning of the term “limited liability” 2. The various sources of capital for a limited liability companyThe new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n): Revenue-Expense Approach Asset-Liability Approach O Asset-Equity Approach O Liability-Equity Approach