Answered: statements give the teacher an award…

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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Question

A student is suing his college for $2,000,000 stating that his instructor subjected the class to pain and suffering (in the form of accounting homework) and mandatory participation in a squid game-like elimination tournament. The school believes that it is very probable that the student will be successful in their legal claim. The proper accounting treatment is to:

Group of answer choices

disclose the liability in the notes to the financial statements

give the teacher an award

not disclose or journalize the potential liability

record an estimated liability for the legal claim

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