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zimovet [89]
3 years ago
11

In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a

company must:_____.a. recognize the liability and report it on the balance sheet.
b. do nothing.
c. not recognize or disclose the liability until it is certain and the exact amount is known.
d. provide disclosure in the footnotes to the financial statements.
Business
1 answer:
Tems11 [23]3 years ago
6 0

Answer: d. provide disclosure in the footnotes to the financial statements.

Explanation:

A contingent liability is an obligation that a company might owe in future depending on the outcome of an event such as a law suit.

To record a contingent liability in the books, two conditions must be satisfied;

  1. Loss must be probable
  2. Amount must be estimable

If these two conditions are not satisfied then the contingent liability may simply be disclosed as a footnote in the financial statement. The amount here is not estimable so can be disclosed as a footnote.

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Input costs that require an outlay of money by the firm are called _______ costs while input costs that do not require an outlay
kolbaska11 [484]

Answer: Explicit costs , Implicit cost.

Explicit Costs is an Input costs that require an outlay of money by the firm. e.g (Paying for supplies, paying workers).

Implicit Costs is an Input costs that do not require outlay of money by the firm. e.g (Could be working somewhere else and making money but giving up the money you could be making because of where you work now).

3 0
3 years ago
Throughout human history we know that Group of answer choices all countries will eventually return to very low levels of real GD
kkurt [141]

Answer:

not until the early 19th century were a few countries able to establish sustained long-run economic growth.

Explanation:

Industrial revolution (industrialization) can be defined as a period of significant change in economic and social manufacturing process characterized by the use of handicrafts and agrarian methods to the use of power-driven equipments and machines. Basically, the industrial revolution began in Great Britain (England) between 1760 to 1840 and eventually spread across other countries of the world.

Prior to industrialization, humans and animals were largely used as a means to generate power, execute tasks or do certain things during the production and distribution process.

However, in the advent of industrialization and technological advancement, machines were invented to replace human and animal power.

Some examples of such inanimate sources are Steam plants, Nuclear plants, Wind etc.

In human history, we know that not until the early 19th century were a few countries able to establish sustained long-run economic growth.

3 0
2 years ago
Take a look around your house and identify household products that work by means of an enzyme. name the products, and indicate h
vredina [299]
Enzymes are biological catalysts that increase the rate of chemical reactions without being used up. The most common enzyme types used in the Household care industry are proteases (example: powder labelled as meat tenderizer which reduces meat's toughness.<span>, cleaning agents,...) .E</span><span>nzymes found in some toothpastes include papain (claimed to help whiten teeth) and lysozyme (kills bacteria).</span>
6 0
2 years ago
On Mar 3, Lyons Company paid dividends of $1,000. Use your knowledge of what a correct journal entry should look like to identif
Anastasy [175]
E:cash would be debited and listed first
3 0
3 years ago
What is a BFOQ? Should BFOQs be allowed?
Ulleksa [173]

Answer:

In employment law, a bona fide occupational qualification (BFOQ) (US) or bona fide occupational requirement (BFOR) (Canada) or genuine occupational qualification (GOQ) (UK) is a quality or an attribute that employers are allowed to consider when making decisions on the hiring and retention of employees—a quality that when considered in other contexts would constitute discrimination and thus be in violation of civil rights employment law. Such qualifications must be listed in the employment offering.[citation needed]

Explanation:

Canada

The law of Canada regarding bona fide occupational requirements was considered in a 1985 Canadian court case involving an employee of the Canadian National Railway, K. S. Bhinder, a Sikh whose religion required that he wear a turban, lost his challenge of the CNR policy that required him to wear a hard hat.[1] In 1990, in deciding another case, the Supreme Court of Canada amended the Bhinder decision: "An employer that has not adopted a policy with respect to accommodation and cannot otherwise satisfy the trier of fact that individual accommodation would result in undue hardship will be required to justify his conduct with respect to the individual complainant. Even then the employer can invoke the BFOQ defence."[2]

United States

In employment discrimination law in the United States, both Title VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act contain a BFOQ defense. The BFOQ provision of Title VII provides that:

[I]t shall not be an unlawful employment practice for an employer to hire and employ employees, for an employment agency to classify, or refer for employment any individual, for a labor organization to classify its membership or to classify or refer for employment any individual, or for an employer, labor organization, or joint labor-management committee controlling apprenticeship or other training or retraining programs to admit or employ any individual in any such program, on the basis of his religion, sex, or national origin in those certain instances where religion, sex, or national origin is a bona fide occupational qualification reasonably necessary to the normal operation of that particular business or enterprise ...[3]

i'm not able to add the balance of the answer so pls go to https://en.wikipedia.org/wiki/Bona_fide_occupational_qualification

5 0
2 years ago
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