Just the last three subparts please, thank you!!!! Use the following key (a-d) to identify the proper treatment of each contingent liabilitya. Record onlyb. Record and disclosec. Disclose onlyd. Do not record or discloseEvent is probable and amount is estimableChoose... +Event is probable but amount is not estimableChoose... +Event is remote and amount is not estimableChoose... +Event is reasonably possible but amount is not estimableChoose... +Event is remote and amount is estimableChoose... +Event is reasonably possible and amount is estimableChoose... +

If the Event is reasonably possible but the amount is not estimable, disclosure of contingency is…

Answered: Event is reasonably possible but amount…

Event is reasonably possible but amount is not estimable Choose.. + Event is remote and amount is estimable Choose... + Event is reasonably possible and amount is estimable Choose... +

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8MC: Which of the following best describes a contingent liability that is likely to occur but cannot be...

See similar textbooks

Related questions

Q: The NPV of the replacement is $ ?

A: Net present value is the difference of discounted cash inflows and outflows.

Q: et's s talk Be seta. What is CORRECT?

A: Beta is the measure of risk of investing in the company. Beta denotes the systematic risk.…

Q: Label each of the following statements as either true (“T”) or false (“F”). An opportunity cost is…

A: Answer: True.

Q: It says that step a is wrong. That those are not the right ROI's. Is there another way to solve that…

A: Introduction:- Return on investment indicates how well an investment performed in comparison to the…

Q: Which of the following statements about the relationship between the IRR and the MIRR is correct? A…

A: The IRR is the investment discount rate that corresponds to the difference between the original…

Q: Wich type of interest, the factor (F/P,i, n) replace?

A: While calculating compounding interest we have to find future value.

Q: Solve the LP problem. If no optimal solution exists, indicate whether the feasible region is empty…

A: Linear programming can be used to find optimum values for a particular equation subject to…

Q: what is Backwardation b. What is Contango c. What is Basi

A: Backwardation and Contango are two types of trends in the future and spot prices and can be defined…

Q: Which of the following statements is true? Multiple Choice

A: The following statement is true.

Q: elated factor can (pick the best) Select one: a. reverse an association

A: The answer has been mentioned below.

Q: e NPV answer is incorrect. Can you please check and red

A: Net present value is the difference between the present value of cash flow and initial investment of…

Q: For information to be relevant, it has to possess: O A. Only predictive value O B. Only confirmative…

A: Relevant information is that information which is useful for the stakeholders and users can make…

Q: Is DDM and CAPM suppose to be the same numbe

A: There are many ways to do valuation of stock one is DDM and other is CAPM these are two important…

Q: What is R, the expected

A: The time value of money is a method to calculate the present value and future value of an…

Q: n model holds, wl that the mark ure

A: Given information : EPS ₹ 5.00 ROE 16% Market price ₹ 50.00 DPR 40% Since…

Q: The present worth for the DDM method is $ The present worth for the LS method is $ Ehe (Click to…

A: Present Worth: It represents the present value of the annual cash flow stream and is computed by…

Q: 1. What are the differences between call and put options?

Q: For each "Primal" objective function assign a "Dual" variable True or false

A: The question is related to True or Flase.

Q: nts. what is the NPV of Alternative B?

A: Given information for Alternative B is: Annual Cash flow = $11000 Years = 6 Interest rate = 9%

Q: You are consider we IRRS that excee RRECT? Assume t

A: Cost of capital refers to the tool which is helpful in analyzing the cost of the capital projects…

Q: Define call and put option.

A: Options give the buyer the right to purchase but not the obligation to execute the contract. The…

Q: Enter a T if the statement is true and F if it is false. Explain your choice. i) The solution u to…

A: Black scholes method is a method used to calculate the call option as well as put option price.

Q: D All of the options are correct statements.

A: Insurance refers to the contract between the insurance company and the person in which the fixed…

Q: y, beg es In e Returms

A: Generally we are aware that corportations…

Q: based on the above exercice - On the basis of the data provided at question 6, calculate your…

A: Levered IRR is the Internal Rate of return calculated on the basis of levered free after tax cash…

Q: Explain put option

A: Introduction: This question is related to the concept of financial derivatives. Derivative…

Q: Which of the following statements is INCORRECT? Select one: а.

A: The answer is given below:

Q: Which of the following statements is true ahout the fonward prio

A: Forward Price volatility can be defined as the increase or a decrease of 1 basis point in required…

Q: What is the difference between YTD and YoY return? Provide an example

A: In the question they have asked regarding YTD and YOY differences between them so they will be…

Q: can you solve by ansewring the question'a in a fromual.

A: Data given: Costs of house(Purchase price) =$250,000 Down payment = 2% of the purchase price.…

Q: Which of the following is FALSE with respec Multiple Choice

A: On the death of an individual, tax returns of the deceased are filed by his legal representative or…

Q: In what circumstances is the compressed adjustedpresent value (APV) model useful, and how wouldit be…

A: The question is based on the concept of adjusted present value (APV). APV uses net present value…

Q: Can somebody check if this is right it's a hw problem on cengage?

A: Hi, All the ratios you have calculated is right. Thanks

Q: Choose the correct answe

A: Building customer loyalty helps in the growth of the business. It can also help in tough times such…

Q: when NPV is greater than zero the PI will be greater than zero, greater than one, less than one, or…

A: Net present value NPV is a technique used in capital budgeting for evaluating the project's…

Q: Understated, Overstated or No Effect?

Q: Compare the Mutually Exclusive Alternatives, based on IRR?

A: The internal rate of return (IRR) is a capital budgeting metric used to gauge the benefit of…

Q: What is MIRR - Modified Internal Rtae of Return? Please provide example.

A: One of the pitfall method of conventional IRR is the fact that it assumes cash flows are reinvested…

Q: The subjec can take m prospectiv O True O False

A: Basic Concept Auditing and assurance

Q: ne value be if the p calculations and r ne value be if the p calculations and re hn ne value be if…

A: Note : As per the guidelines, only first three parts will be answered. Kindly post the remaining…

Q: The exp

Question

100%

Just the last three subparts please, thank you!!!!

Use the following key (a-d) to identify the proper treatment of each contingent liability
a. Record only
b. Record and disclose
c. Disclose only
d. Do not record or disclose
Event is probable and amount is estimable
Choose... +
Event is probable but amount is not estimable
Choose... +
Event is remote and amount is not estimable
Choose... +
Event is reasonably possible but amount is not estimable
Choose... +
Event is remote and amount is estimable
Choose... +
Event is reasonably possible and amount is estimable
Choose... +

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Provision

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Monitoring By the Board of Directors and Others

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following best describes a contingent liability that is likely to occur but cannot be reasonably estimated? A. reasonably possible B. probable and estimable C. probable and inestimable D. remote
Which of the following best describes a contingent liability that is unlikely to occur? A. remote B. probable and estimable C. reasonably possible D. probable and inestimable
When recognizing a contingent liability, if the future event is probable (likely) and the amount can be reasonably estimated, what are we required to do? A.Group of answer choices B.Do not record or disclose C.Record the liability D. Disclose in notes on financial statements
Which of the following statements is false?Select one:a. 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.b. A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.c. A contingent liability is a potential obligation that depends on the future outcome of past events.d. All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur.
Which of the following statements is false?a. A contingent liability should be disclosed in the notes to the financial statements if thereis a reasonable possibility that a loss (or expense) will occur.b. All contingent liabilities should be reported as liabilities on the financial statements,even those that are unlikely to occur.c. A contingent liability is a potential obligation that depends on the future outcome of pastevents.d. A contingent liability should be accrued if the loss is probable and the amount of theloss can be reasonably estimated.
A contingent liability should be recorded in the financial statements when the: Select one: a. Contingent event is probable and the amount can be reasonably estimated. b. Contingent event is probable regardless of whether the amount can be reasonably estimated c. Contingent event is reasonably possible or probable regardless of whether the amount can be reasonably estimated d. Contingent event is reasonably possible and the amount can be reasonably estimated
The accrual of a contingent liability and the related loss should be recorded when the a. Loss resulting from a future event may be material in relation to income. b. Future event that gives rise to the liability is unusual in nature and nonrecurring. c. Amount of the loss resulting from the event is reasonably estimated and the occurrence of the loss is probable. d. Event that gives rise to the liability is unusual and its occurrence is probable.
When should a contingent liability be recognized and reported on the financial statements? A. Reporting contingent liabilities do not require they be probable or reasonably estimated B. When the contingent liability is probable C. When a reasonable estimation can be made of the amount owed D. When the contingent liability is probable and a reasonable estimation can be made of the amount owed
The present obligation is not a contingent liability but shall be recognized as a provision when *a. Amount is reasonably estimable and event occurs infrequentlyb. Amount is reasonably estimable and occurrence of event is probablec. Event is unusual in nature and occurrence of event is probabled. Event is unusual in nature and event occurrs infrequently
Which of the following best describes a contingent liability that is unlikely to occur?A. remoteB. probable and estimableC. reasonably possibleD. probable and inestimable
State with reason whether the following statements are true or false Contingent liability is an ascertained liability but its amount and due date are indeterminate.
A provision is an existing liability of uncertain timing and uncertain amount True False