Question
Which of these is a liability arising from construction
contracts under percentage-of-completion where billings exceed progress?Solution
If the amount billed to the customer (billings) exceeds the revenue recognized to date, the entity has received an advance and has a liability to perform, which is a contract liability.
Consider the following statements.
Assertion (A): Real GDP provides a better picture of the economy than nominal GDP.
Reason (R): Real G...
India and _____________ have agreed to step up their Clean Energy and Climate Partnership.
Inland Waterways Authority of India is the statutory authority in charge of the waterways in India.It was constituted under IWAI Act-_______Â by the Pa...
Pradhan Mantri Suraksha Bima Yojana was launched in _______________.
What is the primary objective of the Open Network for Digital Commerce (ONDC)?
Commercial banks create money in the following ways:
Consider the following statements:
1. Coal sector was nationalized by the Government of India under Indira Gandhi.
2. Now, coal blocks are...
In the Union Budget 2023-24, Government indicated that an Urban Infrastructure Development Fund (UIDF) will be established. This will be managed by the...
SVAMITVA Scheme of the Ministry of Panchayati Raj is a Central Sector Scheme that has significantly contributed to the empowerment of rural communities ...
When was Swachh Bharat Mission Launched?
