Question: A contingent liability exists when a liability is : Probable and can be reliable estimated Probable but cannot be reliable estimated Not probable or it

A contingent liability exists when a liability is : Probable and

A contingent liability exists when a liability is : Probable and can be reliable estimated Probable but cannot be reliable estimated Not probable or it cannot be estimated None of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

A contingent liability exists when a liability is: a. Probable and can be reliably estimated b. Probable but cannot be reliably estimated c. Not probable or it cannot be estimated d. None of the...

Q:

help me The Adjusted bank and book balance would be a b $ 31,950 $ 31,450 $36,980 $ 39,830 Question 7 (2 points) An equipment costing $ 10,000 is purchased on January 1st, with residual value of $...

Q:

i want all 11 questions answer's Il Fido 8:53 PM f Chapter 10 Tutorial.docx Short answer and Calculations: 1. Discuss the types of estimated liabilities. 2. Discuss how to account for contingent...

Q:

Yes exactly sir these are all 11 questions in total. I want the solutions for all 11 questions if possible. thank you. Short answer and Calculations: 1. Discuss the types of estimated liabilities. 2....

Q:

Does anyone know where this article come from? I wanna cite it as a resource!! Thanks! 41 Auditing Insurance Companies 41.1 OVERVIEW OF THE INDUSTRY (a) Structure of the Industry, (b) Reinsurance,...

Q:

Does anyone know where this article come from? I wanna cite it as a resource!! Thanks! 41 Auditing Insurance Companies 41.1 OVERVIEW OF THE INDUSTRY (a) Structure of the Industry, (b) Reinsurance,...

Q:

Does anyone know where this article come from? I wanna cite it as a resource!! Thanks! 41 Auditing Insurance Companies 41.1 OVERVIEW OF THE INDUSTRY (a) Structure of the Industry, (b) Reinsurance,...

Q:

can you repharade this : Contingent liabilities are potential obligations that might arise in the future. An example of this is a lawsuit. These liabilities should be recognized on the accounts if it...

Q:

Signify the most appropriate response for each of the following situations regarding contingent liabilities. 1 The future event is probable and can be reasonably estimated Multiple Choice Answer...

Q:

ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best describes the test data approach? A) Auditors process...

Q:

Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 23.50%, with interest paid monthly, what is the...

Q:

As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm tax dents TH gives the standard deduction...

Q:

Una empresa est evaluando un proyecto que requiere una inversin inicial de $80,000. Los flujos de efectivo comienzan en $15,000 en el primer ao y aumentan un 10% anual. La tasa de actualizacin es del...

Q:

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

Q:

B Drinking on the job is frowned on in corporate America. But at workrelated lunches and dinners, businesspeople often run up considerable bar tabs. Why might alcohol be encouraged in one setting but...

Q:

Do you have any relationships that exist strictly online? Do you consider these relationships different from other ones in your life? Are they more intimate or less?

Q:

Do you rely on different relational partners for companionship, stimulation, or goal achievement? Do you have some relationships that provide all three functions?