On 1 January 2016, Producer Enters into a Contract to Deliver

question 13

Multiple Choice

On 1 January 2016, Producer enters into a contract to deliver a product to Customer on 31 March 2016. The contract is non-cancellable and requires Customer to make an advance payment of €5,000 on 1 February 2016. Customer does not pay the consideration until 1 March. How should Producer reflect the transaction in the statement of financial position?

• A) 1 February 2016
• Dr Trade Receivables \(\quad\quad€ 5,000\)
• Cr Contract Liability\(\quad\quad€ 5,000\)
• 31 March 2016
• Dr Contract Liability \(\quad\quad€ 5,000\)
• Cr Revenue\(\quad\quad€ 5,000\)
• B) 1 February 2016
• Dr Trade Receivables \(\quad\quad€ 5,000\)
• Cr Contract Liability\(\quad\quad€ 5,000\)
• 1 March 2016
• Dr Cash \(\quad\quad€ 5,000\)
• \( \mathrm{Cr} \) Trade Receivables\(\quad\quad€ 5,000\)
• 31 March 2016
• Dr Contract Liability \(\quad\quad€ 5,000\)
• Cr Revenue\(\quad\quad€ 5,000\)
• C) 1 January 2016
• Dr Trade Receivables \(\quad\quad€ 5,000\)
• Cr Contract Liability\(\quad\quad€ 5,000\)
• 1 February 2016
• Dr Cash \(\quad\quad€ 5,000\)
• \( \mathrm{Cr} \) Trade Receivables\(\quad\quad€ 5,000\)
• 31 March 2016
• Dr Contract Liability \(\quad\quad€ 5,000\)
• Cr Revenue\(\quad\quad€ 5,000\)
• D) None of the above

Explore the role of feedback in improving communication within organizations.

Examine the challenges and benefits of upward communication in organizations.

Develop an understanding of how telecommuting/teleworking influences communication dynamics.

Evaluate the role of technology in facilitating global communication for businesses.

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Definitions:

HRISs

Human Resource Information Systems, digital solutions for managing an organization's people-related data and processes.

Technological Effect

The impact of technology on society, including changes in behaviour, efficiency, and economic structures.

Relational

Pertaining to or characterized by relationships or connections between people.

Operational

Pertaining to the day-to-day activities and processes involved in running an organization or system.