ACCTSol102.pdf - 14 Award 10.00 points Executory contracts...

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14. Award: 10.00 points 15. Award: 10.00 points Executory contracts seldom require a journal entry, while onerous contracts do. True False References True / False Difficulty: 1 Easy Learning Objective: 12-05 Illustrate various examples of provisions and explain issues related to timing of recognition. Discounting is not required when the time value of money is immaterial or if the amount and timing of cash flows is highly uncertain. True False References True / False Difficulty: 1 Easy Learning Objective: 12-02 Classify financial liablilites and explain the recognition and measurement requirements initially and in susequent reporting periods.
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16. Award: 10.00 points 17. Award: 10.00 points Financial liabilities are initially recognized at fair value and at cost, amortized cost or fair value post- acquisition.
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