Franchise Agreement Contract
Q: 14. Which journal entry holds true for admission of a new partner by purchase of interest? A. Debit…
A: Admission of a partner will decrease the interest of other partners of the firm. When a new partner…
Q: Recording of adjusting entries in partnership firm ensure that: a. The goodwill received by each…
A: Recording of adjustment entries in partnership firm is to ensure that the both revenue recognition…
Q: What are the unique financial reporting implications of the Partnership entity in comparison with…
A: A Partnership entity is an arrangement in which, more than two individuals come together to form a…
Q: QUESTION 4 Each of the following is a O an extensive marketin O bonding of employee separation of…
A: Internal control is a process designed, implemented and maintained by those charged with governance,…
Q: Form of business that is legally created under Oman Commercial Law a. Cooperative b. Partnership c.…
A: Cooperative societies means that form of activities which is run with the motive of mutual…
Q: QUESTION “In all partnerships, whether it is expressed in the deed or not, the partners are bound to…
A: Sec. 34-152. Sharing of profits and losses “In all partnerships, whether it is expressed in the…
Q: Reporting changes in partnership capital accounts is similar to reporting changes for
A: Partnership is an association of two or more persons who owns a business for profit. Profits or…
Q: Puestion 10 A contract or agreement of a partnership: OA Must be in a written fom only. O B. Is…
A: Partnership refers to the legal act between two or more parties who mutually agree to share the…
Q: Common stockholders represent: Group of answer choices a Residual interest over the entity b No…
A: The person holding at least one common share is referred to as common stockholders, these…
Q: Multiple Choice 1. Which statement about joint arrangement is correct? a. There is only one party…
A: A joint arrangement is defined as the arrangement that describe under IFRS 11, under which more than…
Q: Provide Articles of Partnership registered in SEC Philippines (General Partnerhip)
A: Partnership The definition provided by the Philippine civil code Art. 1767 is as under : When two…
Q: Explain some of the Advantages and Disadvantages of sole trader and partnership business , including…
A: Sole trader is the form of business organisation where only single person who own and manage the…
Q: All of the following are forms of business organizations except: A. proprietorship B. partnership C.…
A: Business organization refers to an entity formed for the purpose of commercial transactions whose…
Q: 1. PFRS does not address the accounting for revenue from franchise agreements 2. Under the current…
A: Here student asked for multi question as per Q/A guidelines we will solve for first question for…
Q: QUESTION 17 Tri-State Fitness, Inc. licenses Exercise, Inc., pursuant to a contract, the right to…
A: solution note dear student as per the Q&A guideline we are required to answer the first question…
Q: Distinguish between private and public syndicates' use of limited partnerships
A: Distinguishing between private and public syndicates' use of limited partnerships:
Q: Under Accounting for Franchise Operation - Franchisor.
A: Answer: As per Q/A guidelines, first question has been answered. Please repost remaining question.…
Q: Prepare journal entry incorporation of Partnership
A: The partnership refers to a general agreement among the partners for carrying a legal business and…
Q: 21 - I- Obtaining permission from the Ministry of Industry and Trade II- Meeting of the General…
A: A joint-stock company refers to an organization that has a minimum of 2 members and a maximum of…
Q: 10.Ijarah is explained by which of the following (A)Contract for usufruct (B)Contract of…
A: Ijarah means to give something on rent. It is defined as ‘to transfer the usage of a non-consumable…
Q: ACTIVITY & ASSIGNMENT 1. Look for a company that uses IFRS 11 or PFRS 11 2. Does the company…
A: International Financial Reporting Standards (IFRS) refers to the set of accounting rules laid by the…
Q: Provide a sample of Articles of Partnership registered in SEC Philippines (Limited Partnership) MUST…
A: Following is the sample Articles of Partnership registered in SEC Philippines (Limited Partnership):
Q: Provide Articles of Partnership registered in SEC Philippines (Limited Partnerhip)
A: A partnership is defined under Article 1767 of the civil code. Thus “Article 1767. By the contract…
Q: describing a Limited Liability Partnership in which would be involved in. Indicate specific…
A: This is theory based question and we explain here Limited Liability Partnership in which would be…
Q: QUESTION 31 Which of the following entities are subject to limited liability? Oa. general…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Differentiate between an "SAOG" And "SAOC" Company according to PROMULGATING THE COMMERCIAL…
A: Commercial law successfully regulates business-to-business transactions. It establishes a regulated…
Q: Provide Articles of Partnership registered in SEC Philippines (General Professional)
A: A partnership is defined under Article 1767 of the civil code. Thus “Article 1767. By the contract…
Q: Discuss the legal effect of incorporation or registration of a Limited Liability Partnership. State…
A: A limited liability partnership is a separate legal and business entity from its partners. Only…
Q: QUESTION NO. 1: Having the clear understanding of company’s accounts and partnership accounts you…
A: Financial Accounting:- Financial accounting refers to the recording of the business transaction in a…
Q: Definition of the following in Accounting 1. Amortization of Franchise Give an Examples of…
A: Intangible Assets: Intangible asset is one of the component of fixed assets reported in company's…
Q: Question1 I. A partnership is a separate juridical entity, the shares to be paid out to the partners…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: Problem A partnership: A) Is also called a sole proprietorship. B) Has unlimited liability for its…
A: Partnership is a form of business organisation where two or more individuals come together to run a…
Q: Question 16 This principle requires measurement of transaction on the basis of cost price or equal…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: uestion Read and summarise the following standards in not more than 2 pages for each standard. 1.…
A: The International Financial Reporting Standards (IFRS) encourage transparency and accountability…
Q: 11) A contract in a partnership in which one partner is the investor and the other partner manages…
A: 11) Mudaraba is a partnership in which one partner provides capital and the other provides labor and…
Q: List four similarities between a sole trader and a partnership
A: The sole trader and partnership both are the types of different business firms.
Q: ITEM Sole Partnership Corporations Cooperatives Proprietorship of 1. Number Possible Owners 2.…
A: There are different types of business forms.
Q: In a joint arrangement, which of the following establishes joint control by the parties? a. mutual…
A: A joint arrangement is an arrangement over which two or more parties have joint control
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An agreement signed by both the franchisee and franchisor is called
Group of answer choices
Board Resolution
Franchise Offer
Franchise Agreement Contract
Affidavit of Franchise Ownership
Step by step
Solved in 2 steps
- 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 15Define the term modified IRR (MIRR). Find the MIRRs for Franchises L and S.Continuing franchise fees should be recognized
- Prepare journal entry incorporation of PartnershipDefinition of the following in Accounting 1. Amortization of Franchise Give an Examples of Franchise12 Under PFRS 15, when shall a franchisor recognizes revenue from its contingent franchise fee, also known as sales-based royalty revenue? Group of answer choices When the franchisor satisfies the performance obligation in relation to the initial franchise fee based on the accounting estimate using historical evidence When the sales of the franchisee occur When the franchisee signs the document evidencing the franchise agreement When the franchisor collected the nonrefundable upfront fee
- Which of the following would most likely be considered as a separate performance obligation in relation to a franchise. agreement? [A] Grant of license to use the franchisor's trade name [B] Transfer of equipment to be used in the franchisee's business [C] Franchisor's promise to undertake activities to support the franchise [D] Grant of license to access the franchisor's research database as a special arrangement and without a specific stand-alone priceWhich of the following would most likely be considered as a separate performance obligation in a franchise agreement? a. initial services required of the franchisor that are in substance activities to setup the contract b. equipment that the franchisee is required to purchase or otherwise obtain from a third-party supplier c. grant of license to use the franchisor's trademark d. activities that the franchisor is required to undertake to support the intellectual property covered in the franchiseMutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnerships
- In which firm the agreement is Oral or Written? A. Partnership B. Sole Proprietorship C. HUF D. Co-operative SocietyFranchise revenue are recognized over time if: a. Franchise rights are transferred with a right to use.b. The franchisor is providing initial services without any future obligations to be performed.c. The franchise fee is payable upon signing of the contract.d. The franchisor is providing ongoing services throughout the period of the contract.Step 1 of the "five-step model" states that certain conditions must be satisfied before an entity can account for a contract with a customer. Which of the following is not one of these conditions? Oa The entity and the customer have approved the contract and are committed to perform their contractual obligations. O b. The payment terms can be identified. O citis certain that the entity will collect the consideration to which it is entitled. Od. Each party's rights about the goods or services concerned can be identified.
