Question: When a contingent liability is remote, it should be recorded in the accounts and disclosed in the footnotes to the financial statements. True False

When a contingent liability is remote, it should be recorded in the accounts and disclosed in the footnotes to the financial statements.
True
False
When a contingent liability is remote, it should

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:

When a contingent liability is remote, it should be recorded in the accounts and disclosed in the footnotes to the financial statements. True False A 60 day 5% note receivable dated December 1, 2020...

Q:

Contingent liabilities which are have a remote likelihood of occurring are generally neither recorded in the accounts nor disclosed in the notes. True False

Q:

Question 3 (3 points) Saved 3. The "record date" is the date on which a company must record a liability to pay a cash dividend. True False Question 4 (3 points) Saved 4. When should a gain...

Q:

Question 1 (3 points) Saved 1. Under which set of rules is the term "revaluation surplus" permitted? OA. US GAAP OB. IFRS OC. MARTIAN GAAP Question 2 (3 points) Saved 2. The acid-test ratio excludes...

Q:

1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b....

Q:

QUESTION 1 When we have a dispute without filing (unasserted claim) with a probable possibility of being presented and with a reasonable possibility of suffering a loss of $ 5,000,000, it should not...

Q:

Question 1 7 6 pts Foreigner Company has been sued by one of its suppliers, who claims that its reputation and business has been damaged by the actions of Foreigner. It is the consensus of...

Q:

Question 1 Thomas International paid $30,000 rent in advance for a three-year period on January 1, 2012. If the company initially recorded the $30,000 as a debit to Prepaid Rent, then the adjusting...

Q:

The primary way of posting a transaction to the ledger is to examine source documents and determine the effect on accounts. True False Revenue Recognition Principle means to recognize expenses with...

Q:

Fisher Company has been named as the defendant in a class action lawsuit. In addition, the company is located in a region that normally has an active hurricane season. Indicate whether each of the...

Q:

Anna Pelo is unable to reconcile the bank balance at January 31.Annas reconciliation is as follows. Cash balance per bank....... $3,560.20 Add: NSF check............ 690.00 Less: Bank service...

Q:

Joe M. purchases a house for $410,000. He sells the home 8 years later for $629,000. What is his internal rate of return (IRR)? 5.15% 1.50% 15% 5.50%

Q:

3 9 of 5 0 Meek's is considering a five - year project that will require $ 7 3 8 , 0 0 0 for new fixed assets that will be depreclated straight - line to a zero boole value over five years. No bonus...

Q:

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...