Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 16, 2020

Contingent liabilities whose ultimate payment is highly probable and can be reasonably estimated must be ignored until actual payment is made. disclosed only in the

Contingent liabilities whose ultimate payment is highly probable and can be reasonably estimated must be

ignored until actual payment is made.disclosed only in the footnotes to the financial statements.recorded in the body of the balance sheet.disclosed in the auditor's report.

Step by Step Solution

★★★★★

3.29 Rating (164 Votes )

There are 3 Steps involved in it

Step: 1

Correct Answer disclosed in the auditors report Explanation When a busine... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions

Question

★★★★★

Contingent liabilities whose ultimate payment is highly probable and can be reasonably estimated must be: ignored until actual payment is made. disclosed only in the footnotes to the financial...

Answered: 1 week ago

Question

★★★★★

In the footnotes to the IFRS-based 2012 financial statements of European Aeronautical Defense and Space Company (EADS), parent company for Airbus, research and development (R&D) expenses were...

Answered: 1 week ago

Question

★★★★★

Management assertions are a. Stated in the footnotes to the financial statements. b. Implied or expressed representations about the financial statements. c. Explicitly expressed representations about...

Answered: 1 week ago

Question

★★★★★

If a check correctly written and paid by the bank for $ 648 is incorrectly recorded on the company's books for $ 684 , the appropriate treatment on the bank reconciliation would be to THE ANSWER IS...

Answered: 1 week ago

Question

★★★★★

For n 2, let G = (V, E) be the loop-free undirected graph, where V is the set of binary n-tuples (of 0's and l's) and E = {{v, w}|v, w V and v, w differ in (exactly) two positions}. Find k(G).

Answered: 1 week ago

Question

★★★★★

What should be the effect on the Critical Chain schedule of having intermediate due dates (milestones) that must be met?

Answered: 1 week ago

Question

★★★★★

6.72 Washers The life span of a type of automatic washer is approximately normally distributed, with mean and standard deviation equal to 3.1 and 1.2 years, respectively. If this type of washer is...

Answered: 1 week ago

Question

★★★★★

Green Gadgets Inc. is trying to decide whether to cut its expected dividends for next year from $8 per share to $5 per share in order to have more money to invest in new projects. If it does not cut...

Answered: 1 week ago

Question

★★★★★

b) Discuss why IFRS requires the segregation of complex property, plant and equipment assets into components and provide an example of an asset that may need to be segregated into components. What...

Answered: 1 week ago

Question

★★★★★

Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reeses current benefit analysis is as follows: Compute the benefit analysis assuming: 3 percent increase in pay. ...

Answered: 1 week ago

Question

★★★★★

Rooney Company, which sells electric razors, had $370,000 of cost of goods sold during the month of June. The company projects a 6 percent increase in cost of goods sold during July. The inventory...

Answered: 1 week ago

Question

★★★★★

Using the P-O-L-C Framework, answer the following questios: 600 wrds.. Take one item from each section that you could relate to you and discuss how you could use in your life right now.and write the...

Answered: 1 week ago

Question

★★★★★

Fig. H 4.39 Determine the forces bars 1, 2 and 3 of the plane truss loaded and supported (Ans. S S2 S3=-30 a/2h) as shown in Fig. I. = C aaaaaa B aga Fig. 1 Q

Answered: 1 week ago

Question

★★★★★

Neo bank(not physical, only internet banking) has a cyber threat about fake ID card issue. Q1. What is high level plan of possible options in terms of focus and investment options as part of both...

Answered: 1 week ago

Question

★★★★★

Question 1: Hypothesis: For an E-commerce company, an instant messaging mobile application is required for day-to-day communications. For a given business use case, derive the scope using concept...

Answered: 1 week ago

Question

★★★★★

(b) Figure Q2 (b) shows the composite cross-sectional area of the C-shape beam. i. Determine the centroid of the beam's cross-sectional area. ii. Determine the moment of inertia of the area about the...

Answered: 1 week ago

Question

★★★★★

Question Three: (10 marks) Accounting scandals across the world shaken the investment community at large. It increases the importance of good corporate governance for company. As a student of...

Answered: 1 week ago

Question

★★★★★

A horizontal annulus with inside and outside diameters of 8 and 10 cm, respectively, contains liquid water. The inside and outside surfaces are maintained at 40 and 20oC, respectively. Calculate the...

Answered: 1 week ago

Question

★★★★★

Compute the present value of the payment patterns provided below, given an 8 percent discount rate. a. $50 at the end of Year 2; $100 at the end of Year 5; $80 at the end of Year 8. b. $100 at the...

Answered: 1 week ago

Question

★★★★★

Most homeowners purchase their houses by borrowing the funds in what is called a mortgage loan. Banks and other financial institutions that make the mortgage loans often package the loans for resale...

Answered: 1 week ago

Question

★★★★★

The controller of Elton Furniture Store is currently trying to decide what depreciation method to use for a particular fixed asset. The controller has prepared the following list of possible...

Answered: 1 week ago

Question

★★★★★

The NPD Group recently released its annual U.S. Video Game Industry Retail Sales Report. The report contained the NPD Groups selection of the top 10 video games based on units sold. The top-selling...

Answered: 1 week ago

Question

★★★★★

In an article titled Airport Screeners Strains, Sprains Highest among Workers, Thomas Frank reported that the injury rate for airport screeners was 29%, far exceeding the 4.5% injury rate for the...

Answered: 1 week ago

Question

★★★★★

The Future-Vision Company is considering applying for a franchise to market satellite television dish systems in a Florida market area. As part of the companys research into this opportunity, staff...

Answered: 1 week ago

Previous Question Next Question