Contingent liabilities which are have a remote likelihood of occurring are generally neither recorded in the...
Contingent liabilities which are have a remote likelihood of occurring are generally neither recorded in the accounts nor disclosed in the notes.
| True | |
| False |
Homework Answers
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Statement is TRUE : Contingent liabilities which are have a remote likelihood of occurring are generally neither recorded in the accounts nor disclosed in the notes.
contingent liability should pass the test of likelihood of occurance, if not same should not be recorded in the account and nor should be disclosed.
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Contingent liabilities which are have a remote likelihood of
occurring are generally neither recorded in the...
A contingent liability that has a remote chance of occurrence should be disclosed in the financial...
A contingent liability that has a remote chance of occurrence should be disclosed in the financial statement footnotes. True False
what are contingent liabilities? list three examples of contingent liabilities. When should contingent liabilities be recorded...
what are contingent liabilities? list three examples of contingent liabilities. When should contingent liabilities be recorded in accounts?
In which scenario is a journal entry required for a contingent loss? a)The likelihood of the loss is remote, and a reaso...
In which scenario is a journal entry required for a contingent loss? a)The likelihood of the loss is remote, and a reasonable estimate can be made. b) The likelihood of the loss is probable, and a reasonable estimate can be made. c) The likelihood of the loss is probable, and a reasonable estimate cannot be made. d) The likelihood of the loss is reasonably possible, and a reasonable estimate can be made.
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Provisions are contingent liabilities which are accrued because the likelihood of an unfavorable outcome is a. virtually certain. b. greater than 50% . c. at least 75%. d. possible
Exhibit 8: Accounting Treatment of Contingent Liabilities Discuss Exhibit 8, to receive full credit include include...
Exhibit 8: Accounting Treatment of Contingent Liabilities
Discuss Exhibit 8, to receive full credit include include the
definitions of accrual and cash basis accounting systems,
accounting for pensions and contingent liabilities, and GAAP in
your answer.
Likelihood of Occurring Accounting Treatment Measurement Probable Estimable Record and Disclose Liability Not Estimable Disclose Liability Contingency Reasonably Possible Disclose Liability Remote None
Question 15 5 pts Contingent liabilities must be recorded if: ООО The future event is probable...
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1. A certain contingent liability was evaluated at year-end, and considered to have a reasonable possibility...
1. A certain contingent liability was evaluated at year-end, and considered to have a reasonable possibility of becoming an actual liability. If the accountant decided not to report it in the notes to the financial statement, what effect would this have on the financial reporting of the company? Answers: The net income of the company would be understated. The information about the transaction would be inadequately disclosed in the notes. The liabilities on the balance sheet would be understated. There...
A company should accrue a loss contingency only if the likelihood that a liability has been...
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1. A certain contingent liability was evaluated at year-end, and considered to have a reasonable possibility...
1. A certain contingent liability was evaluated at year-end, and considered to have a reasonable possibility of becoming an actual liability. If the accountant decided not to report it in the notes to the financial statement, what effect would this have on the financial reporting of the company? The liabilities on the balance sheet would be understated. The information about the transaction would be inadequately disclosed in the notes. The net income of the company would be understated. There would...
(CO A) Which statement is not true about a material weakness? It must be reported to the public. The likelihood that a company will misstate its annual report is remote (e.g., no more than 1 out of 20...
(CO A) Which statement is not true about a material weakness? It must be reported to the public. The likelihood that a company will misstate its annual report is remote (e.g., no more than 1 out of 20). A significant deficiency that results in a more than remote likelihood that a material misstatement of an annual report will not be prevented or detected. A strong indicator of a material weakness is an inadequate internal auditor risk assessment function.
Exhibit 8: Accounting Treatment of Contingent Liabilities
Discuss Exhibit 8, to receive full credit include include the
definitions of accrual and cash basis accounting systems,
accounting for pensions and contingent liabilities, and GAAP in
your answer.
Likelihood of Occurring Accounting Treatment Measurement Probable Estimable Record and Disclose Liability Not Estimable Disclose Liability Contingency Reasonably Possible Disclose Liability Remote None
Question 15 5 pts Contingent liabilities must be recorded if: ООО The future event is probable and the amount owed can be reasonably estimated The future event is remote The future event is reasonably possible The amount owed cannot be reasonably estimated All of the above
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