Question: What would make this statement true? Accounting for contingent liabilities covers three possibilities: (1) The future event is probable and the amount cannot be reasonably

What would make this statement true? Accounting for contingent liabilities covers

What would make this statement true?

Accounting for contingent liabilities covers three possibilities: (1) The future event is probable and the amount cannot be reasonably estimated; (2) The future event is remote or unlikely to recur; (3) The likelihood of the liability to occur is impossible. 3. Answer: FALSE

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!

CAn anyone help me with these homework questions? I have put the answers to the multiple choice questions below, so please think of them as a, b, c, d, e, format. Thank you in advance. Obligations...

Current U.S. GAAP governing the accounting for contingent liabilities leaves a substantial amount of liabilities off the balance sheet. The codification of accounting standards gives the rules....

Question 2 (30 points) The Dow Chemical Company prepares its financial statement as at 31 of December each year. Some of the below events occurred after 31st of December, 2018 but before the...

Learning Obiective: C3 Lontingent liabilities must be recorded if The future event is peobable and the amount owed can be reasonably est B) The future event is remote c) The future event is...

1) Every business is required to withhold amounts from an employees gross pay. These amounts are called: Select one: a. Statutory deductions b. Required deductions c. Voluntary deductions d....

1. In November of the current year, an automobile manufacturing company recalled all pickup trucks manufactured during the past two years. A flaw in the battery cable was discovered and the recall...

uestion: 1. IN A STOCK ACQUISITION ACCOUNTED FOR BY THE EQUITY METHOD, A PORTION OF THE PURCHASE PRICE OFTEN IS ATTRIBUTABLE TO GOODWILL OR TO SPECIFIC ASSETS OR LIABILITIES. HOW OR UNDER WHAT BASIS...

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)...

A full set of financial statements, and notes for Dollarama Inc., a Canadian chain of dollar stores has been provided above. Use the attached financial statements and notes to answer the questions....

You have just been hired as a consultant to Gilbert Industries, a newly formed company. The company president, Mindy Grayson, is seeking your advice as to the appropriate inventory method Gilbert...

Explain the capital markets food chain and its implications for entrepreneurs and investors.

Suppose you deposit $ 8 9 7 today, $ 1 6 9 in one year, and $ 7 8 1 in two years in an account that pays an annual rate of interest of 1 5 . 3 2 % . How much money will be in the account after three...

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

1-4 Information systems are too important to be left to computer specialists. Do you agree? Why or why not?

1-6 How have federal and state statutes and regulations impacted the use of information systems?

1-5 If you were setting up the Web site for a rugby team, what management, organization, and technology issues might you encounter?