Which is a valid statement regarding recognition of liabilities? a. A non-interest bearing note is initially recognized at face value.
Which is a valid statement regarding recognition of liabilities? a. A non-interest bearing note is initially recognized at face value.
Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN:9781337485913
Author:BROOKS
Publisher:BROOKS
Chapter5: Corporate Ethical Governance & Accountabililty
Section: Chapter Questions
Problem 19.1EC
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Which is a valid statement regarding recognition of liabilities?
a. A non-interest bearing note is initially recognized at face value.
b. A provision should not be recognized for future operating losses.
c. For accumulating compensated absences, an entity should recognize the expense and related liability during the period the absences are incurred by the employees.
d. The estimated future costs of supplying awards for customer loyalty program shall be recognized as an expense in the period the award credits are availed of by customers.
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