Answer:
a. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country
Explanation:
Gross domestic product knowns as GDP provide the total market value of all produced goods/service in a country within particular period of time. It allows to know the Economic growth rate of a particular country.
GDP can be analysed an calculated using three most common ways ;it can be through
1)expenditures
2)production
3) incomes.
It can be calculated by by the summation of all money spent by government or consumer at a particular period of time. Hence nominal GDP is the value.It gives measures on production. It should be noted that The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country is included in the calculation of GDP.
I believe it's $125 for 48 months and then you pay $1,000 to own all the appliances.
Increase in quantity demanded discount price value
If a contingency is likely and its financial impact can be assessed with reasonable certainty, a contingent obligation must be recorded. Three types of contingent liabilities are recognized by GAAP.
A contingent liability is what?
A contingent obligation is a responsibility that might materialize based on how a future event plays out. If a contingency is likely and the liability's amount can be anticipated with reasonable certainty, contingent liabilities are recorded. Unless all requirements are not met, the obligation may be mentioned in a footnote to the financial statements.
When Must I Recognize Contingent Liability?
You must be aware of the contingent responsibilities you have assumed if you own a firm or manage its finances. These also need to be recorded. Companies must record contingent liabilities in accordance with the three accounting principles of full disclosure, materiality, and prudence under both IFRS and GAAP (international financial reporting standards).
To learn more about contingent liability from the given link.
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