Podcast
Questions and Answers
Who undertakes the responsibility to deliver the food item?
Who undertakes the responsibility to deliver the food item?
- Both Zigato and the restaurant
- The restaurant
- Zigato (correct)
- The government
What is the primary responsibility of the restaurant?
What is the primary responsibility of the restaurant?
- Paying GST
- Recognizing revenue
- Delivering the food
- Preparing the food and ensuring its quality (correct)
Why is Zigato considered an agent in this scenario?
Why is Zigato considered an agent in this scenario?
- It recognizes revenue
- It bears the risks and rewards related to delivering food
- It prepares the food
- It delivers the food (correct)
How much revenue does Zigato recognize according to the text?
How much revenue does Zigato recognize according to the text?
What part of revenue does the GST of ` 40 lakhs represent?
What part of revenue does the GST of ` 40 lakhs represent?
Who bears the loss for any unsold tickets in Trip Deal's business?
Who bears the loss for any unsold tickets in Trip Deal's business?
When is performance in a transaction involving the sale of goods considered achieved?
When is performance in a transaction involving the sale of goods considered achieved?
What conditions need to be fulfilled for performance to be achieved in a sale of goods transaction?
What conditions need to be fulfilled for performance to be achieved in a sale of goods transaction?
In situations where transfer of property does not coincide with transfer of risks, when is revenue recognized?
In situations where transfer of property does not coincide with transfer of risks, when is revenue recognized?
What is one key factor for recognizing revenue in a sale of goods transaction?
What is one key factor for recognizing revenue in a sale of goods transaction?
Why might revenue be recognized before property transfer in certain cases?
Why might revenue be recognized before property transfer in certain cases?
In a sale of goods transaction, what triggers revenue recognition?
In a sale of goods transaction, what triggers revenue recognition?
When should KY recognize revenue for Machine 1 installation?
When should KY recognize revenue for Machine 1 installation?
Which machine required significant assistance for installation?
Which machine required significant assistance for installation?
What was the installation fee for Machine 2?
What was the installation fee for Machine 2?
Which machine had a higher sale price?
Which machine had a higher sale price?
When did ST install Machine 1?
When did ST install Machine 1?
What indicates that GH has not transferred significant risks and rewards of ownership to the customer for televisions?
What indicates that GH has not transferred significant risks and rewards of ownership to the customer for televisions?
When is revenue recognized for a simple installation like plugging in a refrigerator?
When is revenue recognized for a simple installation like plugging in a refrigerator?
In a sale and repurchase arrangement, what should be recognized in the books of the seller instead of a sale?
In a sale and repurchase arrangement, what should be recognized in the books of the seller instead of a sale?
What should be deducted in determining revenue related to trade discounts and volume rebates given?
What should be deducted in determining revenue related to trade discounts and volume rebates given?
When are trade discounts and volume rebates received not considered as revenue?
When are trade discounts and volume rebates received not considered as revenue?
What is the accounting treatment for a borrowing made under a sale and repurchase arrangement?
What is the accounting treatment for a borrowing made under a sale and repurchase arrangement?
In a sale and repurchase arrangement, what transaction occurs on the date of repayment?
In a sale and repurchase arrangement, what transaction occurs on the date of repayment?
What should the company do if it is reasonably certain of collecting the `15 lakhs from customers for sales made from 1st January, 20X2 to 31st March, 20X2?
What should the company do if it is reasonably certain of collecting the `15 lakhs from customers for sales made from 1st January, 20X2 to 31st March, 20X2?
If the company is not reasonably certain about collecting the `15 lakhs from customers for sales made from 1st January, 20X2 to 31st March, 20X2, what should the company do?
If the company is not reasonably certain about collecting the `15 lakhs from customers for sales made from 1st January, 20X2 to 31st March, 20X2, what should the company do?
When did the Board of Directors decide to increase the sale price of certain items retrospectively?
When did the Board of Directors decide to increase the sale price of certain items retrospectively?
What should a company do if it cannot reasonably assess ultimate collection of additional revenue due to price revision?
What should a company do if it cannot reasonably assess ultimate collection of additional revenue due to price revision?
In which year would a claim passed for payment in March, 20X3 but lodged in March, 20X1 be recorded?
In which year would a claim passed for payment in March, 20X3 but lodged in March, 20X1 be recorded?
What should a company do if a claim lodged with Railways is passed for payment at a lower amount than claimed?
What should a company do if a claim lodged with Railways is passed for payment at a lower amount than claimed?
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