Question: A contingent liability that is remote is usually a. Recorded in the balance sheet as a liability only. b. Reported in the balance sheet as

A contingent liability that is remote is usually

a. Recorded in the balance sheet as a liability only.

b. Reported in the balance sheet as a liability and discussed in a footnote.

c. Reported in a footnote only.

d. Not reported in the balance sheet and not disclosed in a footnote.

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:

Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 1:3:4 ratio. After lengthy disagreements among the partners and several unprofitable...

Q:

Contingent Liabilities that are REMOTE are usally O Recorded in the balance sheet as a liability. O Reported in a footnote only. O Reported in stockholders' equity as a contra account. O Not reported...

Q:

Contingent Liabilities that are REMOTE are usally O Recorded in the balance sheet as a liability. O Reported in a footnote only. O Reported in stockholders' equity as a contra account. O Not reported...

Q:

If a company estimates that it is "reasonably possible" that it will lose a significant amount in a lawsuit, then this contingent liability: a. should be reported as a liability on the balance sheet....

Q:

1. (Points: 1) With respect to a corporation, select the statement that is correct. a. Its organization requires an approved charter which is governed by state law. b. Ownership rights to the...

Q:

CRefer to Colgate?s annual report in Appendix A at the end of the book and answer the following questions: a. What type of pension plan does Colgate have for a majority of its employees? What are the...

Q:

need answer for these questions 13, 17, 19, 20, and 23? PART 5 Business Valuations Chapter Business Valuations A valuation analyst should be able to explain and defend his or her valuation, including...

Q:

need answers for questions 13, 17, 19, 20, and 23? PART 5 Business Valuations Chapter Business Valuations A valuation analyst should be able to explain and defend his or her valuation, including both...

Q:

1. (Points: 1) With respect to a corporation, select the statement that is correct. a. Its organization requires an approved charter which is governed by state law. b. Ownership rights to the...

Q:

1.The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on a.the company's board of directors. b.the audit committee of the board of directors....

Q:

1. Poster Inc. owns 35 percent of Elliott Corporation. During the calendar year 2003, Elliott had net earnings of $300,000 and paid dividends of $36,000. Poster mistakenly accounted for the...

Q:

Suppose the market supply curve for movie tickets is given by p=1/50Qs+7.5 and the market demand curve is given by p=30-1/50Qd+5n where n is an indicator that takes on the value 1 if Netflix raises...

Q:

An anti-anxiety medication is tested in a clinical trial using a factorial design. Specifically, 20 participants were randomly assigned to receive either active drug or placebo. These two conditions...

Q:

- s i n 3 t c o s 2 t d t

Q:

Matching, Put the number that corresponds to it in the blank space. 1- Bond between a heteroatom and hydrogen ST formation(), with less E 2- Hypochlorous acid 98 mL of water 3- Abundant ions in our...

Q:

Edit question Training and education costs related to the new investments are often insufficiently recognized because of financial accounting expensing practice. right or not

Q:

On October 20, 2018, our company purchased a from a company located in Luxembourg 100,000 units of a product at a purchase price of 6.00 per unit. Our company is required to pay for the merchandise...

Q:

How do you evaluate the impact of termination on absenteeism?

Q:

74X sin (3x-6) 1.4 y = (use logarithms) argcosech(2x)

Q:

Chapter 0 4 Question: 0 1 The table below lists the work elements in minutes to be performed on assembly line with precedence requirements. Annual demand is 6 0 0 0 0 units. The line will operate on...

Q:

=+c. Savings as the Star focus on price.

Q:

=+9. Drive home the message. Make sure it's relevant to your audience. Keep it clear, simple, and instantly digestible. If anyone can't read it and get it, change it.

Q:

=+b. Product-Focused emphasize product features.