Loss contingency accrued in a company financial statements

Assignment Help Accounting Basics

Reference no: EM13122145

A loss contingency shoulf be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:

a. reasonably possible and the amount of the loss is known

b. at least remotely possible and the amount of the loss is known

c. probable and the amount of the loss can be reasonably estimated

d. reasonably possible and the amount of the loss can be reasonably estimated

Reference no: EM13122145

Questions Cloud

Compute cis for proportion of all female hispanic drivers : Tthen calculate the 95% and 99% CIs for the proportion of all female Hispanic drivers in Boston who wear seatbelts. Why is the 99% CI wider than the 95% CI?

Description of probability- random selection : Description of Probability : Random Selection, Suppose there are two vendors and each provides 50% of the items. The lifetime (in days) of an item from the first vendor is Exp

Proof of infinite primes : There are infinitely many prime numbers p of the form 4n+3. In other words, show that there exist infinitely many positive integers, n, such that the number 4n+1 is prime.

How long it take for partial pressure drop of cylclopropane : If a 2.1 L reaction vessel initially contains 723 torr of cyclopropane at 485 degrees C , how long will it take for the partial pressure of cylclopropane to drop to below 105 torr ?

Loss contingency accrued in a company financial statements : A loss contingency shoulf be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:

Primes and divisibility word problem : When the accountants for lose-a-digit Computer, Inc. had finished preparing their annual budget, they presented the final figures to the president, I.M. Smart.

Conduct a hypothesis test using the p-value method : Reccomend asprin for their patients with children Conduct a hypothesis test using the P-Value method. What conclusions would you make when a=o.2 and a=0.02.

Generate the transducing phage : What methods would you use to determine if the genes had been co-transduced in the recipient cell?

I''m not a good writer : A fellow student says, "So, I'm not a good writer. But I have other places to put my study time. I'm a management major. I'll have secretaries to handle my writing for me." Give this student your best advice, including the reasoning behind it.

User Account

All Pages