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Zeta, Ltd., a company that prepares its financial statements in accordance with IFRS, has the following pending items at December 31, 2014.
Problem 1: In its financial statements for the period ended December 31, 2014, how much will be reported either on the balance sheet or in the footnotes for contingencies and how much for provisions? A. A contingency of $650,000 will be accrued, a contingency of $175,000 will be disclosed, and a provision of $150,000 will be accrued as a liability. B. A contingency of $175,000 will be disclosed and provisions of $800,000 will be accrued as liabilities. C. Contingencies of $825,000 will be accrued and a provision of $150,000 will be accrued as a liability. D. Contingencies of $800,000 will be accrued and a provision of $175,000 will be disclosed.
what does a credit balance in the fund balance account(s) at the end of the year signify? What does a debit balance signify?
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develop findings and recommendations for management
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