Uncertainties such as natural disasters are: Multiple Choice Not contingent liabilities because they are future events...
Uncertainties such as natural disasters are:
Multiple Choice
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Not contingent liabilities because they are future events not arising from past transactions or events.
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Contingent liabilities because they are future events arising from past transactions or events.
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Disclosed because of their usefulness to financial statements.
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Estimated liabilities because the amounts are uncertain.
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Reported in the same way as debt guarantees.
Homework Answers
Option A is the answer
Natural disasters are not contingent liabilities as they cannot be predicted or are not the future events which are the result of past events or transactions
Add Answer to:
Uncertainties such as natural disasters are:
Multiple Choice
Not contingent liabilities because they are future events...
Exercise 9-13 Accounting for contingent liabilities LO C3 Listed below are a few transactions and events...
Exercise 9-13 Accounting for contingent liabilities LO C3 Listed below are a few transactions and events of Melbourn Company 1. Melbourn Company guarantees the $100,000 debt of a supplier. It is not probable that the supplier will default on the debt. 2. A disgruntled employee is suing Melbourn Company. Legal advisers believe that the company will probably need to pay damages, but the amount cannot be reasonably estimated. Print Indicate the proper financial reporting for each case. Requires 1 2
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice...
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
Contingent Liabilities Several months ago, Cinnabar Chemical Company experienced a hazardous materials spill at one of...
Contingent Liabilities Several months ago, Cinnabar Chemical Company experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $1,471,500. The company is contesting the fine. In addition, an employee is seeking $471,500 damages related to injuries sustained while cleaning up the spill. Lastly, a homeowner has sued the company for $229,000. The homeowner lives 15 miles from the plant but believes that the incident has reduced the home's resale...
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Use the following facts for Multiple Choice problems 24 through 27 (each question is independent of...
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00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company - 1. Employees eam vacation pay at a rate of one day per month. During December 24 employees qualify for one vacation day cach. Thelt average daily wage is $10 per employee 2. During December, Maxum Company sold 3700 units of a product that carries a 60-day warranty, December sales for this product total $133,000. The company...
ACC206: Financial Reporting 3.0 1. When bonds are sold at a discount and the effective interest...
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show all working please
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