Which of the following statements is false?
A. A contingent liability is a potential obligation that depends on the future outcome of past events.
B. A contingent liability should be disclosed in the notes to the financial statements if there is a reasonable possibility that a loss (or expense) will occur.
C. All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur.
D. A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Which of the following statements is false? A. A contingent liability is a potential obligation that depends on the future outcome of past ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Allen and Lewis are friends who each recently purchased real estate. Allen purchased a patio home in a small town an hour from the city, while Lewis purchased a condo in a really hot area near the city center.
Answers (1)
In his work for a new company, Byron found a flower material that he could use to manufacture dresses. In his career, Byron is most likely focused on the animal system pathway. plant system pathway. agribusiness system. natural resource system.
Answers (1)
A soft drink bottler incurred the following factory utility cost: $3,686 for 1,300 cases bottled and $3,766 for 1,900 cases bottled. Factory utility cost is a mixed cost containing both fixed and variable components.
Answers (1)
Find the following values:a. An initial $500 compounded for 1 year at 4%b. An initial $500 compounded for 2 years at 4%c. The present value of $500 due in 1 year at a 4% discount rated. The present value of $500 due in 2 years at a 4% discount rate
Answers (1)
16. If a business chooses an alternative strategy that does not pose a particular risk, what kind of risk management strategy is it practicing? a. avoiding risk c. insuring risk b. transferring risk d. assuming risk
Answers (1)
New Questions in Business
Your brother has asked you for a loan and has promised to pay you $9,800 at the end of three years. If you normally invest to earn 6.
Answers (1)
A retail space was leased for $1,200 per month; the owner also pays the shopping center 8% of gross income which is $50,000 monthly. how much does the owner pay annually?
Answers (1)
Robinson Company had a net deferred tax liability of $34,000 at the beginning of the year, representing a net taxable temporary difference of $100,000 (taxed at 34 percent). During the year, Robinson reported pretax book income of $400,000.
Answers (1)
Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should they start the process?
Answers (1)
While working out at the gym you hear a group of individuals making obscene remarks about your body. You feel like you are being sexually harassed. Which of the following is a technique to deal with sexual harassment?
Answers (1)