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These should be distinguished from estimated liabilities. Estimated liabilities are identified liabilities where the amount is uncertain. Contingent liabilities conversely are not liabilities at the current moment. They may turn into liabilities only on the happening of a specific event. Conversely, both the amount and the liability or obligation is uncertain till the specified event occurs in future. These may comprise items as a claim against the company contested in a court. Merely if the court offers an unfavourable verdict, it turns into a liability. They are not listed as liabilities in the body of the balance sheet. Though, if the firm wishes, this may make same provision for the same.
what are importance of cost classification
Outdoor Travel Inc. needs to estimate the cost of capital for the evaluation of capital expenditures. A typical project is financed with 25% debt-to-value ratio (i.e., D/(D+E) =
What are the journal entries to recognize each of the below events. a. The firm records bad debt expense of 5% of credit sales, which were $300. The firm uses the Percentage
Types of Overhead Absorption Rate NB: Overheads incurred are generally absorbed on the basis of budgeted or estimated figures. The given basis may be applied leading to the
ANALYSIS OF VARIANCE When the actual are not similar from the standards, variance exists. Variance may be unfavorable or favorable. When the actual cost is more than the standa
prepare a trading and profit and loss accounts for the period using marginal costing and absorption costing
The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) m
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budget preparation
The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $58
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