List the three categories of contingent liabilities .
Question:
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
The three categories of con...View the full answer
Answered By
Omar ELmoursi
I'm Omar, I have Bachelor degree in Business and Finance, My unique approach is to help students with questions and assignments, I can teach Business, Math, Accounting, Managerial Accounting, Economy, Human resources management, organizational behavior, project management, I have experience dealing with different types of students and teach them how to deal with different types of exercises.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
List the three categories of social business opportunities and give an example of each.
-
List the three categories of funds used in governmental accounting, and describe the types of activities accounted for in each category.
-
List the three categories used by Statistics Canada to classify everyone in the economy. How is the unemployment rate calculated?
-
Mr. Mo carries on business as a sole proprietor. The fiscal year end of the business is December 31. During 2020, its first year of operation, net business loss amounts to $72,000. In addition, the...
-
What are the some of the most important concerns that may NOT be addressed in a psychoeducational evaluation?
-
Share the most surprising things you learned about IT this week that you were not aware of before. Consider a company you are familiar with and explain how IT can enhance or compromise it. Share how...
-
Study of why EMS workers leave the job. An investigation into why emergency medical service (EMS) workers leave the profession was published in the Journal of Allied Health (Fall 2011). The...
-
1. Does Waterways current compensation system seem to fit the companys strategy of aggressive growth and product innovation? How might it be changed to achieve a better fit? 2. Specifically, how...
-
Hank started a new business, Hanks Donut World (HW for short), in June of last year. He has requested your advice on the following specific tax matters associated with HWs first year of operations....
-
Cummings Inc. had the following reconciliation at December 31, 2017: Fair value of plan assets.......................$5,000 PBO...............................................4,200 Funded...
-
What is a contingent liability?
-
Are contingent liabilities recorded on a companys books? Explain.
-
Sketch the region of integration and change the order of integration. 2 (In x f(x, y) dy dx 1
-
7. This is a question about electromagnetic waves. (a) Starting from Maxwell's equations in a vacuum show that the electric field E and magnetic field B obey wave equations and identify the velocity...
-
Participate in workplace health and safety Third- party report Task 1: Case scenario: Workplace hazard collection and risk control form You are required to review this workplace inspection form and...
-
The red curve is the position-time x-t graph for the ladybug. Each tick mark on the time axis of the graph marks off 0.5 s. Note: you can hit reset graph and graph again to watch the graph form again...
-
Oma's Bakery is thinking about replacing the convection oven with a new, more energy-efficient model. Information related to the old and new ovens follows: (Click the icon to view the information...
-
One could argue that substantial travel for work is an undesirable characteristic of any job. What would the theory of compensating differentials predict about the relative wages of a sales position...
-
Go to a typical supermarket in your community.
-
A fuel pump sends gasoline from a car's fuel tank to the engine at a rate of 5.88 10-2 kg/s. The density of the gasoline is 735 kg/m3, and the radius of the fuel line is 3.18 10-3 m. What is the...
-
For several years, ImClone, a biotechnology company, was a darling of Wall Street. Its stock price rose from less than $1 per share in 1994 to $72 a share in November 2001. The whole time it was...
-
In 2012 Duke Energy, a large utility company with its headquarters in North Carolina, completed its $32 billion acquisition of Progress Energy. To get an idea of the size of this deal, in 2011 Duke...
-
In 2012 Duke Energy, a large utility company with its headquarters in North Carolina, completed its $32 billion acquisition of Progress Energy. To get an idea of the size of this deal, in 2011 Duke...
-
The following ratios are for four companies in different industries. Some of these ratios have been discussed in the textbook and others have not, but their names explain how the ratio was computed....
-
What is the present value of $500 invested each year for 10 years at a rate of 5%?
-
GL1203 - Based on Problem 12-6A Golden Company LO P2, P3 Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are...
-
A project with an initial cost of $27,950 is expected to generate cash flows of $6,800, $8,900, $9,200, $8,100, and $7,600 over each of the next five years, respectively. What is the project's...
Study smarter with the SolutionInn App