Question: Question content area top Part 1 Under GAAP, a provision for a contingent loss is considered to be probable if the probability of its occurrence

Question content area top
Part 1
Under GAAP, a provision for a contingent loss is considered to be probable if the probability of its occurrence is________.
Question content area bottom
Part 1
A.
reasonably possible
B.
virtually certain
C.
slight
D.
likely to occur

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:

Question content area top Part 1 Is the presentation of the statement of net income under IFRS and U . S . GAAP identical? Explain. Question content area bottom Part 1 A . Yes. U . S . GAAP and IFRS...

Q:

Under GAAP, a provision for a contingent loss is considered to be probable if the probability of its occurrence is A . likely to occur B . slight C . reasonably possible D . virtually certain

Q:

According to FASB, when should a company journalize a contingent liability? Question content area bottom Part 1 A . Journalize the contingent liability if it is probable that the loss will occur, and...

Q:

When determining how businesses record or do not record contingent liabilities, which is not one of the three likelihoods that are considered? Question content area bottom Part 1 A . reasonably...

Q:

If there is a present obligation as a result of an obligating event and a probable outflow of resources based on a reliable estimate, then a company should: Question content area bottom Part 1 A....

Q:

content area top Part 1 The lengths of pregnancies are normally distributed with a mean of 266 days and a standard deviation of 15 days. a. In a letter to an advice column, a wife claimed to have...

Q:

A contingent liability should be recorded in the form of a journal entry when a loss is probable and the amount of the loss can be estimated. Question content area bottom Part 1 True False

Q:

content area top Part 1 Ronald Fisher is considered the father of experimental design. Being of English descent, he was having afternoon tea with a colleague. The colleague's wife entered the room as...

Q:

Question 1 Mastery Problem: Variable Costing for Management Analysis Question Content Area Absorption vs. Variable Operating income is one of the most important items reported by a company. Depending...

Q:

Hi, I need help with this document. It is due 06/06/2017 11:59, Please help me! Project Six: Acquisition Contingencies Background In 2011, a construction materials manufacturing company (Construct)...

Q:

Consider an ideal air-standard Sterling cycle with an ideal regenerator. The minimum pressure and temperature in the cycle are 100 kPa, 25C, the compression ratio is 10, and the maximum temperature...

Q:

What is the master production schedule? How is its feasibility verified?

Q:

The term used for bowing of the legs is: Genu Varum Genu Vatgum Osgood - Schlatter Tibial Torsion

Q:

Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from...