answer this below Question 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

Approach to solving the question: Detailed explanation: Examples: Key references: Contingent…

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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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.
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
Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured reliably are classified as: Select the one correct answer: O provisions. Owarranties. accruals. O contingent liabilities.
Please explaim part B) and c? how Ending imventory balance calculated for both part of questions
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 one of the following qualities is most concerned with influencing users' decisions concerning the prediction of future events and the confirmation of past events? O A. Faithful representation OB. Understandability OC. Verifiability OD. Relevance (...)
Which of the following is not an element of control?A. Ability to affect returnB. Exposure, or rights, to variable termsC. Major holdingsD. Power
Please answer with reason for all why the option is correct and why the other options are incorrect 74. An expenditure whose benefit is finished or enjoyed immediately is called A.Expense B.Liability C.Cost D.Income
What condition(s) qualify an entity as a VIE?
Which of the following elements of fi nancial statements is most closely related to measurement of performance? C . Liabilities.

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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