Abbott Corp's attorney estimates that the company will ultimately have to pay between $350,000 and $500,000 relating to current litigation, and that the most likely amount of the loss will be equal to $400,000. Abbott Corporation should accrue a contingent liability and loss of

Q: Adherence to the IFRS' standards is mandatory in the United States. O True False

A: False. In the United States, while many large multinational corporations may voluntarily adhere to…

Q: What is the purpose of installing firewalls on bridges, routers, and gateways? O Detecting…

A: Solution: Firewalls provide protection against hacking by protecting your computer or network from…

Q: What privacy concerns are in the Covid 19 benefit fraud by bryan alan sparks

A: The COVID-19 pandemic brought about an urgent need for economic relief, prompting governments…

Q: my instructor advises this answer is incorrect

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: Give one example of an error that a check digit control detects.

A:

Q: one of the rights found in the Human Rights Act 1998 and analyse a situation, real or fictional,…

A: Employees can exercise the rights which are given under Human Rights Act 1998 means they have the…

Q: May I ask what the words say for parts a, b, and g?

A: In equation method entry total asset side should be equal to total of liabilities and equity side.

Q: A lessee should initially measure a lease liability at: O a. The present value of the lease payments…

A: According to IFRS 16, the lease liability is the present value of the total amount of financial…

Q: A code of ethics is of little or no value. Do you agree or disagree? Support your answer.

A: Companies adopted ethical codes to help their participants learn the distinction between correct and…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: How would you handle an ethical violation committed by one of your employees?

A: Ethical Violation: In a nutshell, an ethical breach is anything that is - stated, written, or acted…

Q: What are the computer ethical issues regarding privacy?

A: Definition: Ethics can be defined as conduct adopted by an individual in making the selection…

Q: IFRS16 allows lessees not to recognise a right-of-use asset or a lease liability for certain types…

A: The right-of-use asset is a lessee's right to use an asset over the life of a lease. It is recorded…

Q: That was incorrect

A: Amount of loan =$22,000Annual interest rate = 4.125%Tenure of loan = 10 years

Q: Extreme Ltd is a small firm that specialises in selling bespoke furniture. an additional delivery…

A: Depreciation means the amount of normal wear or tear of the assets due to usage or passage of time.…

Q: 6. Explain how moral hazard could lead people to under-save if social security were replaced by…

A: The model hazard is considered to be the risk that individual make decision best upon the…

Q: Internal controls in a computerized environment are:   Question 47 options:   Not necessary since…

A: Internal control in computerized environment means the way to doing and check the work which is…

Q: I cant follow this.

A: Part a 1:

Q: I can't even read your handwriting. And the images are sideways. Can you type it up?

A: 1.           1 Computation of Predetermined OH Rate  =$252000/20000 hours $12.60 per DLH…

Q: Company W acquired a wastewater treatment plant for 30,000, depreciable over 10 years. The company…

A: Government grant means the amount received from government free of cost. It is received by specified…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: In a paragraph or two, explain why constructive notice in international transactions can often be…

A: Answer: Each nation has its own regulations, guidelines and ethical standards. External limits are a…

Q: write

A: Writing off Damaged goods Before making the journal entries for the damaged goods first to ascertain…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.