ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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(Students should visit the SEC website, www.sec.gov, for supplemental resources.)
What is covered by Regulation S–K?
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items:1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.3. Accounting for the revenue from separately priced extended warranty contracts.4. The criteria to determine if an employer must accrue a liability for vacation pay
Can you please describe contingent liabilities and how to account for and/or report them.
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- Please read through the questions parts 2 and 3 is asking for journal entry. The rest are fill ins.arrow_forwardAccess the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ) Required: Determine the specific citation for accounting for each of the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay.arrow_forwardthe classified balance sheet will show which liability subsections? A. current liabilities and other liabilities B. current liabilities and long term liabilities C. other liabilities and long term liabilities D. present liabilities and tomorrow's liabilitiesarrow_forward
- (Students should visit the SEC website, www.sec.gov, for supplemental resources.) What is a wraparound filing?arrow_forwardWhen would the cost of credit life insurance be included in the finance charge and APR calculations for federal truth-in-lending disclosures?arrow_forwardA contingent liability is an obligation that depends on the occurrence of a future event and that should be recorded in the accounts: Group of answer choices If the amount is reasonably estimated If the related future event will probably occur The related future event will probably occur and the amount is reasonably estimated. If the amount is due in cash within one yeararrow_forward
- te of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.arrow_forwardDiscuss the circumstances that require a contingent liability to be disclosed in the notes to the financial statements.arrow_forward3344 An insured who wants to verify the deductible on Section I of their Homeowners policy should look at which of the following sections of the policy? a. declarations b. insuring agreements c. conditions d. limitationsarrow_forward
- Define contingent liability. What is the criteria to determine whether or not to report the contingency on financial statements? What supporting documentation is required? Please provide a detailed example of a contingent liability.arrow_forwardAn obligation that is contingent on the occurrence of a future event should be reported in the statement of financial position as a liability if: a. The amount of the obligation can be reasonably estimated. b. The future event is likely to occur. c. The occurrence of the future event is at least reasonably possible and the amount is known d. The occurrence of the future event is probable and the amount can be reasonably estimated.arrow_forwardWhich of the following is an exception for application of IFRS 15? a. Insurance contracts. b. Financial audit contracts. c. Pharmaceutical contracts. O d. Service contracts.arrow_forward
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