How would you account for a possible obligation that has a remote likelihood of resulting in an

Question:

How would you account for a possible obligation that has a remote likelihood of resulting in an outflow of economic resources?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781743767382

9th Edition

Authors: Craig Deegan

See More Books

Question Posted: Sep 03, 2023 06:40 AM

See More Questions

The purpose of this activity is to expose students to the varying treatment of specific items under U.S. GAAP versus IFRS. This activity will focus on accounting for current liabilities and...
Consider the example below, how would you account for the revenue from a contract for HMM11 products? How would you account for the revenue from a contract for HMM12 products? Early in the redesign...
What are the six culturally implicit leadership theory (CLT) dimensions? Describe each in detail. Compare and contrast the cultural orientation values (COV). How are they similar and different?...
Which properties of the Clean annotation must be true for the following to compile? (Choose three.) A. The annotation must contain exactly one element. B. The annotation must contain an element named...
Use a chi-square goodness-of-fit test to determine whether the following observed frequencies are distributed the same as the expected frequencies. Let a =.01. 826 630 036 4591441 1 3 7 8 651 1234567
How does an OM strategy change during a products life cycle? lop1
Calculating Future Value of Salary. During a job interview, Pam Thompson is offered a salary of $32,000. The company gives annual raises of 4 percent. What would be Pams salary during her fifth year...
Cynthia Elmer, CPA, had the following partial worksheet: Requirements 1. Complete the worksheet. 2. Prepare the closing entries for Cynthia Elmer, CPA. CYNTHIA ELMER, CPA Worksheet December 31, 2018...
df On January 1, 2022, Bridgeport Corp. had these stockholders' equity accounts Common Stock (510 par value, 66,500 shares issued and outstanding) $665,000 Paid-in Capital in Excess of Par Value...
What is a constructive obligation, and can constructive obligations be recognised as liabilities?
How would you determine the discount or premium on a bond issue?
The book value of shares issued in exchange for control rights should be used as the basis of measuring the initial cost. True/False
Case study: Sun City - improving operations performance to enhance guest experience 1. Describe how Sun City implements the five operations performance objectives or principles. 2. Using your...
What recommendations do you have to increase the likelihood of success? E.g., how would you reduce the likelihood of having to go back to A4? How would you reduce the impact of having to go back to...
Problem 4 An electrically heated, square plate (0.4mx 0.4 mx0.005 m) is suspended in air of temperature Too = 20C. Find the electrical power needed to maintain the plate at T=95C if the plate is (a)...
Number of units Unit Cost Sales Beginning inventory 800 $50 Purchased 600 $52 Sold 400 $80 Sold 350 $90 Ending inventory 650 In the table below, calculate the dollar value for the period for each of...
10. Dr. D went to MGM Springfield casino while the class was taking their midterm exam. He played a Konami machine entitled 88 Fortunes. A slot attendant accidently left the slot manual next to the...
The Carter Furniture Company needs to determine the cost of two work orders for December 2017. Work Order 1200A is for 250 painted, unassembled chests and Work Order 1250A is for 400 stained,...
Why can wastewater treatment requirements in Hawaii be less stringent than those in most locations on the U.S. mainland?
On November 1, 2012, the following were the account balances of Tate Equipment Repair. During November, the following summary transactions were completed.Nov. 8 Paid $1,220 for salaries due...
Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed. July 1 Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased used...
The following data are taken from the comparative balance sheets of Glenview Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members based upon...
Construction of consumer price index number for the given goods and services. Item Weight in % Base period price Current period price Food 35 150 145 Fuel 10 25 23 Cloth 20 75 65 Rent 15 30 30 Misc....
Gammaro Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales of the credit sales, Gammaro Corporation has experienced the following...
Swifty Company estimates that 2022 sales will be $43,200 in quarter 1,$51,840 in quarter 2 , and $62,640 in quarter 3 , Cost of goods sold is 50% of sales. Management desires to have ending...

How would you account for a possible obligation that has a remote likelihood of resulting in an

Question:

Step by Step Answer:

If an obligation has a low probability of resulting in an outflow of economic benefits then on the b...View the full answer

Financial Accounting

Students also viewed these Business questions