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Business Accounting FINANCIAL ACCT.FUND.(LOOSELEAF)

Memo: From, Mr. D To, Mrs. T Date: March 19, 2018 Subject: Response towards objection for to recognize an expense and liability for warranty services. Dear ma’am,

Memo: From, Mr. D To, Mrs. T Date: March 19, 2018 Subject: Response towards objection for to recognize an expense and liability for warranty services. Dear ma’am,

Solution Summary: The author explains that contingent liabilities depend on past events and liability for warranty services is a contingent liability. Conservatism concept of accounting says that the losses related to future events must be recorded in that accounting period.

FINANCIAL ACCT.FUND.(LOOSELEAF)

FINANCIAL ACCT.FUND.(LOOSELEAF)

7th Edition

ISBN: 9781260482867

Author: Wild

Publisher: MCG

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Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 9, Problem 4BTN

To determine

Memo:

From,

Mr. D

To,

Mrs. T

Date: March 19, 2018

Subject: Response towards objection for to recognize an expense and liability for warranty services.

Dear ma’am,

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Chapter 9 Solutions

FINANCIAL ACCT.FUND.(LOOSELEAF)

Ch. 9 - Prob. 1MCQ Ch. 9 - Prob. 2MCQ Ch. 9 - Prob. 3MCQ Ch. 9 - Prob. 4MCQ Ch. 9 - Prob. 5MCQ Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - Prob. 3DQ Ch. 9 - Prob. 4DQ Ch. 9 - Prob. 5DQ

Ch. 9 - Prob. 6DQ Ch. 9 - Prob. 7DQ Ch. 9 - Prob. 8DQ Ch. 9 - Prob. 9DQ Ch. 9 - Prob. 10DQ Ch. 9 - Prob. 11DQ Ch. 9 - Prob. 12DQ Ch. 9 - Prob. 13DQ Ch. 9 - Prob. 14DQ Ch. 9 - Prob. 15DQ Ch. 9 - Prob. 16DQ Ch. 9 - Prob. 1QS Ch. 9 - Prob. 2QS Ch. 9 - Prob. 3QS Ch. 9 - Prob. 4QS Ch. 9 - Prob. 5QS Ch. 9 - Prob. 6QS Ch. 9 - Prob. 7QS Ch. 9 - Prob. 8QS Ch. 9 - Prob. 9QS Ch. 9 - Prob. 10QS Ch. 9 - Prob. 11QS Ch. 9 - Prob. 12QS Ch. 9 - Prob. 13QS Ch. 9 - Prob. 14QS Ch. 9 - Prob. 15QS Ch. 9 - Prob. 1E Ch. 9 - Prob. 2E Ch. 9 - Prob. 3E Ch. 9 - Prob. 4E Ch. 9 - Prob. 5E Ch. 9 - Prob. 6E Ch. 9 - Prob. 7E Ch. 9 - Prob. 8E Ch. 9 - Prob. 9E Ch. 9 - Prob. 10E Ch. 9 - Prob. 11E Ch. 9 - Prob. 12E Ch. 9 - Prob. 13E Ch. 9 - Prob. 14E Ch. 9 - Preparing a balance sheet C1 P2 P3 Selected...Ch. 9 - Prob. 16E Ch. 9 - Prob. 17E Ch. 9 - Prob. 18E Ch. 9 - Prob. 1PSA Ch. 9 - Prob. 2PSA Ch. 9 - Prob. 3PSA Ch. 9 - Prob. 4PSA Ch. 9 - Prob. 5PSA Ch. 9 - Prob. 6PSA Ch. 9 - Prob. 1PSB Ch. 9 - Prob. 2PSB Ch. 9 - Prob. 3PSB Ch. 9 - Prob. 4PSB Ch. 9 - Prob. 5PSB Ch. 9 - Prob. 6PSB Ch. 9 - Prob. 9SP Ch. 9 - Prob. 11CP Ch. 9 - Prob. 1GLP Ch. 9 - Prob. 1AA Ch. 9 - Prob. 2AA Ch. 9 - Prob. 3AA Ch. 9 - Prob. 1BTN Ch. 9 - Prob. 2BTN Ch. 9 - Prob. 3BTN Ch. 9 - Prob. 4BTN Ch. 9 - Prob. 5BTN Ch. 9 - Prob. 6BTN

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