Question: q13 When is a contingent liability recorded? When the future events will possibly occur and the amount can be reasonably estimated. When the future events

q13

When is a contingent liability recorded? When the future events will possibly occur and the amount can be reasonably estimated. When the future events are probable to occur. When the future events are probable to occur and the amount can be reasonably estimated When the amount can be reasonably estimated

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!

30. Which of the following intangible assets cannot be sold by a business to raise needed cash for a capital project? A) Brand Name. B) Patent. C) Copyright. D) Goodwill. 31. Which of the following...

In a service-type warranty, warranty revenue is recognized equally over the warranty period. recognized in the year of sale. O not recognized. O recognized only in the last year of the warranty...

When is a contingent liability recorded? When the future events are probable to occur When the amount can be reasonably estimated When the future events are probable to occur and the amount can be...

When is a contingent liability recorded? When the future events are probable to occur. When the future events will possibly occur and the amount can be reasonably estimated. When the amount can be...

When does a company record an asset related to a gain contingency? a. When future events will possibly occur and the amount can be reasonably estimated. b. When there is a remote chance that future...

1. At December 31, 2020, Chambers Co. has gross accounts receivable of $127,000. There is a $10,000 debit balance in the Allowance for Doubtful Accounts (at December 31, 2020 before adjustment). At...

ACC/291 Principles of Accounting II - Discussion Questions [This isn't an essay] Discussion on this Learning Activity: Week 2 Electronic Reserve Readings Wk2 DQ#6 - Liability Why is the definition of...

Question 1 ( 2 points ) The ratio of current assets to current liabilities is called the Question 1 options: current liability turnover ratio. current asset turnover ratio. acid - test ratio. current...

Winter Co. is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals from its...

The tamiltonian of an e in a constant mag field B. is given by: H = lo. B where it is the const. & Pauli matrices. Let matix then the operator T = (1T, 0, 03) denotes the W= 1/ & I be 2x2 unit ti int...

A car rental company claims that the average fuel efficiency of their fleet is 30 miles per gallon (mpg). To test this claim, a random sample of 36 cars is selected, and the average fuel efficiency...

In the second section of your report ( after Deliverable 1 ) , prepare a descriptive analysis titled "Descriptives" that includes a screenshot of descriptive statistics for all the proposed dependent...

Caterpillar, Inc., is one of the world's largest manufacturers of construction, mining, and forestry machinery. The following disclosure note is included in the company's 2017 financial statements:...