Want your help with probelm WHICH OF THE FOLLOWING IS ACHARACTERISTIC OF A CONTINGENTLIABILITY? A) CERTAIN TO OCCUR B) AMOUNTCAN BE EXACTLY DETERMINED C) DEPENDS ONA FUTURE EVENT D) RECORDED AS ANEXPENSE IMMEDIATELY

Option A: This option is incorrect because contingent liability may or may not occur depending upon…

Answered: WHICH OF THE FOLLOWING IS A…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8MC

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Similar questions

Th e assumption that an entity will continue to operate for the foreseeable future is called: B . comparability.
Which is the proper time period to record the effect of a change inaccounting estimated? A. Current period and prospectivelyB. Current period and retrospectivelyC. RetrospectivelyD. Current period
Th e assumption that an entity will continue to operate for the foreseeable future is called C . going concern.
What is the after announcment? This is from question a.
For information to be relevant, it has to possess: O A. Only predictive value O B. Only confirmative value O C. Both predictive and confirmatory value O D. Either predictive or confirmatory value, or both
Please explaim part B) and c? how Ending imventory balance calculated for both part of questions
The disclosure of a line item for Other current assets in the Statement of financial position would be justified according to which of the following? O Comparability Materiality o Consistency Neutrality o Verifiability
Retrospectively or Prospectively?
When should an expenditure be recorded as an asset rather than an expense? O Never O When future benefits exist O Always O If the amount is material A
Which statement is incorrect in the measurement of a provision? *a. The risks and uncertainties that inevitably surround many events and circumstances shall be taken into account in reaching the best estimate of a provisionb. Where the effect of the time value of money is material, the amount of a provision shall be the present value of the expenditure expected to settle the obligationc. Future events that may affect the amount required to settle the obligation shall be reflected in the amount of the provision where there is sufficient objective evidence that the future events will occurd. Gains from expected disposal of assets shall be taken into account in measuring a provision
Which are the assumptions will be added as we discuss the various approaches to the valuation of the REIT?
Distinguish between cumulative or noncumulative?

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WHICH OF THE FOLLOWING IS A CHARACTERISTIC OF A CONTINGENT LIABILITY? A) CERTAIN TO OCCUR B) AMOUNT CAN BE EXACTLY DETERMINED C) DEPENDS ON A FUTURE EVENT D) RECORDED AS AN EXPENSE IMMEDIATELY