The amount of loss that should be recognized is the <u>minimum amount </u><u>of the </u><u>range. </u>
<u />
<h3>Recording a Contingent liability </h3>
- It should only be recorded if the loss is probable and the amount to be incurred as liability can be reasonably estimated.
- If neither of the above are possible, the loss would be recorded as a footnote.
US GAAP rules state however that if the loss is probable and the amount is in a range, the amount to be recorded as a contingent liability should be the minimum of the range.
In conclusion, they should recognize the minimum amount.
Find out more on contingent liabilities at brainly.com/question/17371330.
Answer:
1.
Selling Price $156
2.
Variable cost $101.25
Break-even 9,500 units and $1,482,000
Explanation:
Compposit unit unit is a unit made according to the propostion to sale. Different products are combined to make a sales mix for composit unit.
1.
Selling price per composit unit = [ ( 7 x 111 ) + ( 3 x 261 ) ] / 10 = 1560 / 10 = $156
2.
Variable cost per composit unit = [ ( 7 x 68 ) + ( 3 x 180.5 ) ] / 10 = 1,017.5 / 10 = $101.75
Contribution per composit unit = Selling Price - variable cost = $156 - 101.75 = $54.25
Break-even Point = Total Fixed cost / Contribution per unit = $515,375 / 54.25 = 9,500 units
Break-even Point ($ value )= 9,500 x 156 = $1,482,000
Answer: The following are the similarities between job order and process costing:
Explanation:
Job order costing and process costing have significant similarities:
- Both job and process cost frameworks have a similar objective: to decide the expense of items.
- Both job and process cost frameworks have a similar cost streams. Bookkeepers record production in separate records for materials stock, work, and overhead. At that point, they move the expenses to a Work in Process Inventory account.
- Both job and process cost frameworks used predetermined overhead rates to apply overhead.
Answer:
1. True 2. True 3. False 4. True
Explanation:
Identify whether the given statements about climate change and economic growth are true or false.
1. Poorer countries have historically been responsible for the bulk of world carbon emissions because of poor technology and environmental regulations.
<em>True, because they cannot afford advanced technologies that minimize carbon emissions and most of their production assets produces waste in form of emissions that damages the environment e.g. gas flaring</em>
2. Air and water quality in developed countries is generally much better today than it was several decades ago.
<em>True, over time governments have increased spending in the area of public health and waste management.</em>
3. Tackling climate change issues is likely to only modestly dent long-term economic growth.
<em>False, because tackling climate change will protect the environment and the resources therein which are harnessed for economic growth.</em>
4. Carbon emissions are negatively correlated with economic growth.
<em>True, because carbon emissions damage the environment which holds the resources for economic growth.</em>
Answer: False
Explanation:
Forecasting Costs and Initial outlays are generally just as hard to predict as Revenue Forecasts. The future is hard to predict and does not differentiate between Costs and Revenues and in the case of Larger Projects, it is EVEN HARDER to forecast costs as their costs could widely deviate from initial estimates once they begin.
Take for example large scale government projects with the Berlin Brandenburg airport being a shinning example. It was supposed to open in 2012 but has still not opened till today and is billions of Euros off the initial cost projection.
