1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Amiraneli [1.4K]
1 year 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]1 year 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

You might be interested in
The city of ann arbor michigan buys a police car manufactured in germany. in the gdp accounts this transaction is included in
Xelga [282]

Government expenditures and imports

4 0
3 years ago
Raspberry Company's actuary has computed its prior service cost to be $8,000,000. Raspberry amortizes the prior service cost by
Andrews [41]

Answer: $910,000

Explanation:

Pension expense is calculated by the formula:

= Prior Service cost  for the year+ Service cost + Interest cost - Expected return on plant assets

Prior Service cost = Prior service cost / Service life of active employees

= 8,000,000 / 20

= $400,000

Expected return on plan assets = Plan assets * Interest rate

= 1,500,000 * 10%

= $150,000

Pension expense = 400,000 + 560,000 + 100,000 - 150,000

= $910,000

3 0
3 years ago
A not-for-profit firm uses a small convenience sample to gather data on customer reactions. It invites a small group of customer
Rzqust [24]

Answer:

D. informal surveys is the correct answer

Explanation:

  • Informal survey objectives are to develop an understanding and to collect on the farmers' and customer's situations and also to plan the process to find a solution for these types of problems.
  • In the informal surveys, data gathering process is iterative and interviews are semi directed which is  carried out by the interdisciplinary member
  • Informal surveys are also called as exploratory surveys.
5 0
3 years ago
If an $80 stock pays a quarterly dividend of $1 what is the implied annual rate of return
Sonja [21]
An annual rate of return is the amount of loss or gain made through an investment in a yaear based on the percentage of intial investment.

In this case, since the quarterly divident is $1, in one year it would be:
$1 x 4 = $4

So, the annual rate of return would be $4 / $80  x 100%  = 2%
3 0
3 years ago
Mention any five important points of universities.​
Lelechka [254]

Answer:

1. A positive attitude towards study.

2. A passion for the chosen course subject.

3. An ability to think and work independently.

4. An ability to persevere and complete tasks.

5. An inquiring mind.

6. Good written English.

7. An ability to work well in groups.

7 0
3 years ago
Other questions:
  • Paolo and Isadora Shaw are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI
    6·1 answer
  • In order to calculate Debtors Collection Period, should I include non current and current trade receivables?​
    14·1 answer
  • Under what conditions does a​ Cobb-Douglas production​ function,
    7·1 answer
  • Andy Roddick is the new owner of Ace Computer Services. At the end of August 2014, his first month of ownership, Roddick is tryi
    9·1 answer
  • Suppose you purchase five put contracts on Testaburger Co. The strike price is $45, and the premium is $3. If, at expiration, th
    12·1 answer
  • At the beginning of the year (January 1), Maurice and Sons has $16,300 of common stock outstanding and retained earnings of $2,2
    14·1 answer
  • ¿Cómo se puede eliminar un exceso de oferta en el sistema económico de mercado?¿De qué modo se puede actuar en el caso de que ha
    9·1 answer
  • Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three assets: cash of 28,200 dinars,
    6·2 answers
  • When the opportunity cost associated with increasing the production of one good or service in terms of another is constant at ev
    12·1 answer
  • if there is an increase in the demand for a good, what will happen to the equilibrium price and quantity of the good exchanged?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!