Rachel Operates a Scrap Metal Business and Contracts to Provide

question 3

Multiple Choice

Rachel operates a scrap metal business and contracts to provide ten tons of scrap steel at $50 per ton to be delivered to Pure Metals,Inc. ,in six months.An un?fore?seen shortage of scrap steel suddenly develops,making it impossible for Rachel to fulfill the contract for less than $500 per ton.Rachel's best de?fense against performing the contract would be that

• A)performance of the contract is commercially impracticable.
• B)procuring the steel would force the seller into bankruptcy.
• C)the law has rendered performance of the contract illegal.
• D)the specific subject matter of the contract has been destroyed.

Identify various types of entities and their inclusion within a controlled group under consolidation accounting.

Comprehend the concepts of 'shared control' and 'joint control' as per Accounting Standard AASB 127.

Recognize the requirements for the preparation of separate financial statements under specific accounting standards.

Understand the considerations beyond percentage ownership in determining financial reporting obligations.

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