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worty [1.4K]
2 years ago
15

How is a contingent liability reported if it is considered ""reasonably possible?""

Business
1 answer:
viva [34]2 years ago
3 0

This is because a loss would be recorded (debit) and liability established (credit) in advance of the settlement.

Responsibility is the responsibility of the individual or company and is usually the amount. Debts are settled over time by the transfer of economic interests, including money, goods, or services. The liabilities shown on the right side of the balance sheet include loans, liabilities, mortgages, income receivable, borrowings, guarantees, and accrued expenses.

Liability can be compared to assets. Debt is what you owe or owe. An asset is something you own or owe.

Main findings

Responsibility (generally) is something that owes someone else.

Liability may also mean legal or regulatory risk or obligation. In

accounting, companies compare liabilities to assets.

Current liabilities are short-term financial liabilities of companies that are due within a year or within the normal business cycle (such as accounts payable).

Long-term (long-term) liabilities are liabilities that are recorded on the balance sheet and are due within one year.

Learn more about Liability here: brainly.com/question/24534918

#SPJ4

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A special surveillance and rescue team is being deployed to counter the menace of pirates in the Indian ocean. Nick, Sid, Leah a
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The correct answer is (e)

Explanation:

The interpersonal process is a key aspect which helps team members to grow and trust each other. It helps to build confidence within the team members. The role of Kevin is to improve confidence and motivate team members, which is an interpersonal process. It is related to individual traits and qualities. The interpersonal process is handling by someone who has relevant experience to encourage and motivate people. It is an essential process before the task, and within the task to achieve necessary results.

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7) Which of the following is the best statement of performance feedback?
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Answer:

"Your last report contained seven errors which I think you could improve."

Explanation:

Performance feedback is used to give an employee a specific feedback about his work. The statement is specific to the performance metric and provides quantitative information about work performed.

In this scenario the statement "Your last report contained seven errors which I think you could improve." Has a feedback about the employee report, the quantitative aspect states that there were 7 errors in the work.

3 0
3 years ago
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Erin, a shareholder of Finance Inc., demands the right to inspect corporate records to determine whether management has engaged
Ket [755]

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c. a proper purpose.

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6 0
2 years ago
Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amou
Sauron [17]

Answer:

1 Required: 1-a. Prepare an adjusted trial balance at September 30, 2018.

Explanation:

Starbooks  

Adjusted trial balance  

 

d Cash                           $ 295  

d Account receivable  $ 295  

d Supplies                      $ 495  

d Equipment $           3.195  

c Accumulate depreciation            $ 895

d Prepaid Rent                   $ 95  

c Account Payable                             $ 595

c Notes Payable (short-term)              $ 495

c Deferred Revenue                          $ 195

c Notes Payable (long-term)                  $ 195

c Common Stock                                       $ 195

c Retained Earnings                               $ 1.495

c Service Revenue                                 $ 6.185

c Interest Revenue                                    $ 95

d Salaries Expense $ 2.195  

d Depreciation Expense $ 295  

d Income Tax Expense $ 295  

d  Rent Expense      $ 395  

d Supplies Expense      $ 195  

d Travel Expense   $ 2.595  

 

                       Total $ 10.345 $ 10.345

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3 years ago
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