Contingent liabilities are recorded or disclosed in the financial statement notes unless they are:Multiple ChoiceProbable and estimable.Possible and estimable.Probable and not estimable.Reasonably possible.Remote (very unlikely).

Contingent liabilities are recorded on financial statements when the occurrence of the future event…

Answered: Contingent liabilities are recorded or…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

A funding component is O the total funding required for a specified decision point O a long-term source of capital O a collateral agreement, such as pledging an asset as security for a mortgage bond O an ancillary requirement on a loan that affects its risk, such as a restrictive covenant
Discuss the different types of non-current liabilities.
Contingent liabilities must be recorded if: O The future event is probable and the amount owed can be reasonably estimated O The future event is remote O The future event is reasonably possible O The amount owed cannot be reasonably estimated All of the above
Is unrealized loss deducted in marketable equity securities held as financial asset at fair value through other comprehensive income?
Describe how the matching principle applies to contingent liabilities (hint: warranties).
(i). Debt investments not plan to sell reported at a. amortized cost. b. fair value. c. the lower of amortized cost of fair value. d. net realizable value. (ii). which of the following caa be reported at fair value? a. Debt investments. b. Equity investments. c. Both debt and equity investments: d None of these answers' choices are correct.
Negative net working capital, is when current assets exceed current liabilities True False Marketable securities are not part of the working capital True False

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Contingent liabilities are recorded or disclosed in the financial statement notes unless they are: Multiple Choice Probable and estimable. Possible and estimable. Probable and not estimable. Reasonably possible. Remote (very unlikely).