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MrMuchimi
3 years ago
12

Concepts for Analysis 24-3 (Essay) Presented below are three independent situations.

Business
1 answer:
Helga [31]3 years ago
6 0

Answer:1. Make provision for warranty claims.

2. Disclosure of contingent liability

3. No cost should be recorded.

Explanation:

Warranty is an assurance made by firms to make good any agreed loss that is incurred by the customers in usage of goods and services whiting the period of the warranty. Since an estimation can be made based on firms history of sales a provision has to be made for possible warranty.

Since it's only probably that a loss will be Incurred by the firm by going into the contract and the financial statement has not been issue the firm should made a contingent liability disclosure in the report.

The self insurance is not a contract with a third party, in this vein no cost will be accrued until the loss is actually suffered.

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3 years ago
Suppose the country of Lilliput exported 263 billion dollars worth of goods while they imported 477 billion dollars worth of goo
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Answer:

1. -$214 billion

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When steve discusses the "buyer for outdoor" and the "buyer for running," what does he mean?
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