Which of the following does not require disclosure in the financial statements?   choices: There is a present obligation that probably requires an outflow of resources that can be measured reliably.   There is a present obligation that probably requires an outflow of resources but the amount cannot be measured reliably.   There is a possible obligation or a present obligation that may, but probably will not require an outflow of resources   There is a possible obligation or a present obligation where the likelihood of an outflow of resource is remote.

Q: Components of the cost of risk do not include: A-- the cost of issuing bonds B-- the cost of loss…

A: We will explore the components of the cost of risk and identify which option is not included in…

Q: What are the strategic benefits of making financial projections on pro forma statements?

A: Financial projections on pro forma statements provide numerous strategic benefits to both the…

Q: The ability to meet short-term obligations is termed: A) Profitability B) Solvency C) Efficiency D)…

A: Introduction: Short term period: Short term period means less than one year period.

Q: What is the difference in perspective between finance and accounting?   Multiple Choice   timing…

A: The focus of accounting is on recording of day to day flow of money while finance focuses on the…

Q: ollowing situations does not base an accounting measure on a present value? Prepaid insurance ,…

A: It analyzes comprehension of how accounting measures and financial reporting may or may not require…

Q: What is “fair value”? Consider whether it is really helpfulwhen reporting financial results. Give…

A: Fixed assets: These include all the assets that are of tangible nature and have an expected useful…

Q: AAP should require fair value measurement of either more o

A: A fair value measurement is used to determine the worth of a certain asset or liability. As a…

Q: For most long-term liabilities, an important consideration is that they are properly authorized.…

A: The long term liability is reported as a long term because they covers many years and the majority…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: What are the potential risks of not properly accounting for discounts in the financial statements,…

A: Accounting for discounts in financial statements involves properly recording and reporting discounts…

Q: If the value of an item can be measured and reasonably determined, this item can be recognized in…

A: An item can be recognized in the financial statement if it satisfies certain specified condition.…

Q: When should a contingent liability be recognized and reported on the financial statements?  A.…

A: Contingent liability: A liability can occur on future uncertain events.

Q: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…

A: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…

Q: Which of the following should financial information not be? Group of answer choices a.…

A: Financial information should be reliable, accurate, timely and substantiated.

Q: contingency that need not be disclosed in the financial statements

A: Contingency is the probable obligation or receivable that may arise in future which depends on the…

Q: When recognizing a contingent liability, if the future event is probable (likely) and the amount can…

A: It is a potential obligation that may arise from past events but its existence will be confirmed…

Q: There are areas of differences between IFRS and GAAP definition recognition measurements allowing…

A: GAAP, or generally accepted accounting principles, is a U.S.-based organization. In accordance with…

Q: How are the terms “probable,” “reasonably possible,”and “remote” related to contingent liabilities?

A:

Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…

A: Insurance management: Insurance Management is the administration of all insurance requirements, both…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: What is the primary purpose of analyzing interest expense? Giventhis purpose, what primary…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: Which of the following is the least acceptable measurement for a provision?   a. average of a given…

A: Solution: The least acceptable measurement for a provision is "actual settlement amount known after…

Q: Why is the distinction between a conditional and unconditional contribution important for accounting…

A: Step 1 The main difference between conditional and non-conditional contributions is that to…

Q: Which of the following is classified as monetary? a. Goodwill b. Equipment c. Patent d.…

A: Monetary generally means relating to money or currency. Assets that are classified as monetary…

Q: Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses;…

A: The value of financial instruments, such as debt securities, that are traded or sold is sometimes…

Q: When should an expenditure be recorded as an asset rather than an expense? O Never O When future…

A: Lets understand the basics.When any expense which is going to have future benefits needs to…

Q: Contingent liabilities are obligations that may or may not materialize

A: Contingent liabilities are obligations that may or may not materialize will be explained:

Q: Question: Why is it that fair value's are thought to be more relevant in some financial reporting…

A: Presenting financial data and information to external stakeholders, including as investors,…

Q: Define and explain the agency problem in terms of differences in ability to diversify risk by…

A: Agency problem occurs when there is a conflict of interest when manager is in dilemma to serve the…

Q: The term "provision" as it is used in IAS 37, is most closely related to what term in U.S. GAAP?

A: The term "provision" in IAS 37 (International Accounting Standards 37) is most closely related to…

Q: What tools are available for solving adverse selection and moral hazard problems in debt contracts…

A: There may arise various problems like adverse selection and moral hazards problem in equity and debt…

Q: A basic difference between loss contingencies and “real”liabilities is: a. Liabilities stem from…

A: Contingency is a liability that may arise in the future while the real liability has already…

Q: What are the fundamental elements of an adequate financial planning process. What are the…

A: Answer: Financial planning is nothing but an on-going mechanism for the advancement of the course…

Q: Application of the full disclosure principle _____________.   a.requires that the financial…

A: Accounting principles are those rules and guidelines which are used by the accountants in completing…

Q: Which of the following liabilities would be considered nonrecourse?

A: "As the student have not been given the options to choose the nonrecourse liabilities, I will give…

Q: A reasonable probability that an investment will produce a loss a. risk b. value c. specualtion…

A: There are several investment styles through which one can generate profits or build wealth.

Q: A funding component is O the total funding required for a specified decision point O a long-term…

A: In the context of loans and financing, a "funding component" typically refers to a specific element…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.