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LenKa [72]
1 year ago
10

a hospital has not insured itself for malpractice claims with a third-party insurer. which of the following statements best expr

esses the general rule regarding the reporting of liabilities for malpractice claims on the face of the balance sheet? select one: a. they should be reported only to the extent that judgments and settlements are due and payable. b. they should be reported if it is highly likely that the disputes ultimately will be resolved in favor of the claimants. c. outstanding claims should be described in the notes to the statements; adjudicated and settled claims should be reported if they have not been paid d. they should be reported if it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated.
Business
1 answer:
Over [174]1 year ago
5 0

They should be reported if a loss is likely to have occurred and the amount of the loss may be fairly anticipated expresses the general rule regarding the reporting of liabilities for malpractice claims on the face of the balance sheet.

<h3>How should malpractice claims be handled?</h3>

Entities must recognize liability for the projected total expenses of medical malpractice at the time the occurrence possibly leading to a claim occurs, according to FASB ASC 954-450-25-2. An estimate of this type should be collected as a gross sum, not reduced by prospective insurance reimbursements. Recognizing that you are an imperfect human being who will make mistakes will help you lessen your chances of causing injury and being successfully sued. Begin with effective risk management, based on the old adage of the four Cs: compassion, communication, competence, and charting.

To know more about malpractices visit:

brainly.com/question/20226872

#SPJ4

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An elected official is a person who is an official by virtue of an election

4 0
3 years ago
Read 2 more answers
The following data relate to factory overhead cost for the production of 6,000 computers: Actual: Variable factory overhead $142
Damm [24]

Answer:

1. $4,400 Favorable

2. $14,000 Unfavorable

3. $9,600 Unfavorable

Explanation:

The computation of given question is shown below:-

1. Variable factory overhead Controllable Variance

= $142,600 - 6,000 × 24.5

= $142,600 - $147,000

= -$4,400

= $4,400 Favorable

Where, 24.5 = standard rate - fixed overhead rate

= $28 - $3.5

= $24.5

2. Fixed factory overhead volume variance

= $35,000 - 6,000 × $3.5

= $35,000 - $21,000

= $14,000 Unfavorable

3. Total factory overhead cost variance

= ($142,600 + $35,000) - (6,000 × $28)

= $177,600 - $168,000

= $9,600 Unfavorable

5 0
3 years ago
Which of the following terms refers to a promise made to lenders by a borrower?
Natali5045456 [20]

Answer:

Covenant.

Explanation:

A covenant in business context refers to a formal debt agreement between a lender and a company that specific actions will or will not be undertaken.

4 0
2 years ago
A firm's WACC can be correctly used to discount the expected cash flows of a new project when that project will: Multiple Choice
Serggg [28]

Answer:

...when that project will have the same level of risk as the firm's current operations

Explanation:

Weighted average cost of capital (WACC) is the company's cost of capital based on its proportion of equity and debt used in its capital structure. It can be used as the discount rate for calculating the present value of future expected cashflows of a project if the project is determined to be of similar risk to the company's operations; meaning that the estimated beta of the project is the same as the beta of the firm.

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3 years ago
Which of the following is a characteristic of economic services:
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Answer:

useful

Explanation:

i got it from USA test prep

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2 years ago
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