Briefly outline the accounting and reporting of losses on purchase commitments when (a) the purchase contract is subject to revision or cancellation and (b) it is non-cancellable and a loss is probable.

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The Answer of Briefly outline the accounting and reporting of losses on purchase commitments when (a) the purchase contract is subject to revision or cancellation and (b) it is non-cancellable and a loss is probable.

Briefly Outline the Accounting and Reporting of Losses on Purchase