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Amiraneli [1.4K]
2 years ago
9

A contingent liability which should be disclosed on the balance sheet but does not require footnote disclosure. (true/false)

Business
1 answer:
expeople1 [14]2 years ago
4 0

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability.

<h3>What is contingent liability?</h3>

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability. Contingent liability can take the form of pending investigations, product warranties, and potential lawsuits. Liabilities that may be incurred by a company dependent on the result of an uncertain future event, such as the result of an ongoing lawsuit, are known as contingent liabilities.

When they are both probable and reasonably estimable as a "contingency" or "worst case" financial consequence, these obligations are not recorded in a company's records and are not displayed on the balance sheet. The kind and size of the contingent liabilities may be described in a footnote to the balance sheet. It is feasible to categories a loss's possibility as remote, improbable, or probable.

To learn more about contingent liability refer to:

brainly.com/question/17371330

#SPJ4

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3 years ago
Joetz Corporation has gathered the following data on a proposed investment project (Ignore income taxes.): Investment required i
dimulka [17.4K]

Answer:

16.7%

Explanation:

The simple rate of return is the annual net income divided by the initial investment in the proposed investment project.

The annual net income is the annual cash flow of $8,400 minus annual depreciation charge.

annual depreciation=cost -salvage value/useful life=($36,000-$0)/15=$2400

annual net income=$8,400-$2,400=$6000

simple rate of return =annual net income/initial investment

initial investment is $36,000

simple rate of return=$6,000/$36,000=16.7%

The second option,16,7% is the correct answer

8 0
4 years ago
Shawn has asked you for some advice regarding the use of social networking in the workplace. Which of the following is good advi
Nana76 [90]

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Establishing boundaries means that personal information that is sensitive should not be shared using this channel, as it can be seen to be unprofessional in the workplace.

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The achievements and developments one can see in elements such as life, science, industry and government system in a country is the civilization.

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4 years ago
A theme that begins in this course and is carried throughout the Public Information Training Series, the "95/5" concept A. is pr
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Answer:

Correct Answer:

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