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
Fittoniya [83]
3 years ago
14

Management can estimate the amount of loss that will occur if the company does not prevail in a currently contested lawsuit. If

losing the suit is reasonably possible, which of the following describes how the entity may report the loss contingency in the financial statements?
Balance Sheet

Notes to Financial Statements

a. Accrued as liability Not disclosed
b. Not accrued Not disclosed
c. Not accrued Disclosed
d. Accrued as liability Disclosed
Business
1 answer:
RideAnS [48]3 years ago
8 0

Answer:

c. Not accrued Disclosed.

Explanation:

The management has estimated the loss contingency of lawsuit as reasonably possible. The Contingent liability is reasonably possible then it will be disclosed in the Notes to Financial Statements and not accrued in Balance sheet. If the contingent liability is probable then the accrual needs to be made in the Balance Sheet.

You might be interested in
Which of the following is most likely to be characterized by substantial asymmetric information?
Black_prince [1.1K]

Answer:

d.

Explanation:

Asymmetric information refers to when one party in a transaction has a substantial more amount of information than the other party. This being the case it can be said that the scenario that would most likely be classified as this is a wireless service that includes unlimited minutes and texting. This is because the buyer is most likely thinking that they are getting a great deal when in fact the seller/provider has access to information that the buyer does not know, which allows them to provide this deal and still make a great profit.

5 0
3 years ago
company has bonds outstanding with a par value of $110,000. The unamortized premium on these bonds is $2,585. If the company ret
mote1985 [20]

no pain no gain as it is used in freddie mercury movie

7 0
3 years ago
Grace is waiting in her office to meet Joseph, the new sales representative for Powerslam shoe company. Joseph arrives promptly
liraira [26]

Answer : Building rappport

Explanation:

4 0
3 years ago
What are the benefits associated with free trade and globalization?
Drupady [299]

Answer:

It drives economic growth, enhanced efficiency, increased innovation, and the greater fairness that accompanies a rules-based system.

7 0
2 years ago
The Bretton woods system of exchange rates relied on A. Fixed exchange rates with no mechanism for changing them. B. Fixed or pe
aleksklad [387]

The Bretton woods system of exchange rates relied on <u>"fixed or pegged exchange rates, with occasional orderly adjustments to the rates."</u>



The Bretton Woods arrangement of money related administration built up the rules for business and monetary relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods framework was the principal case of a completely arranged financial request expected to administer money related relations among free states. The central highlights of the Bretton Woods framework were a commitment for every nation to embrace a fiscal approach that kept up its outer trade rates inside 1 percent by binds its money to gold and the capacity of the IMF to connect transitory uneven characters of installments. Likewise, there was a need to address the trouble among different nations and to anticipate focused depreciation of the monetary forms also.


6 0
3 years ago
Other questions:
  • Amusez-vous à répondre à celui-ci! Pari que vous ne pouvez pas! Il est en français Quelle est ma photo de profil? Try answering
    13·2 answers
  • Sales for January are budgeted at 50,000 units, and the company expects sales to increase 4% each month. How many units will nee
    7·1 answer
  • Megan, an agent for a department store, orders one hundred dresses from Sal’s Clothing Shop for the Spring Blossom Sale. There i
    12·1 answer
  • If jasmine sleeps for 12 hours each night and takes two naps during the day, jasmine is most likely to be:
    10·1 answer
  • A low-risk investment might have a high price if
    6·1 answer
  • A company is about to go public. it announces that it plans to pay a $1 per share dividend in its first year of existence and 2$
    6·1 answer
  • Anderson Company sold a piece of equipment for $36,500 cash on December 31 (after recording the annual depreciation entry for th
    13·1 answer
  • Max is considering an investment proposal that requires an initial investment of $91,100, has predicted cash inflows of $30,000
    13·1 answer
  • If you choose a Roth IRA, how much income will you pay taxes on?
    12·1 answer
  • Learning Task No. 1: Complete the following table.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!