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marin [14]
3 years ago
9

From an accounting viewpoint when is a business considered as an entity separate from its owner(s)

Business
1 answer:
aev [14]3 years ago
8 0

Answer:

Always

Explanation:

  • According to Business Entity Principle business and businessmen are a different person.
  • The business entity Doctrine notes that financial transactions must be reported independently from those of their shareholders.
  • To do so includes the use of the association of different accounting records which fully exclude any other individual or owner's total assets.

So we say that business entity is always separated from its owner.

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A contingent liability which should be disclosed on the balance sheet but does not require footnote disclosure. (true/false)
expeople1 [14]

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability.

<h3>What is contingent liability?</h3>

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability. Contingent liability can take the form of pending investigations, product warranties, and potential lawsuits. Liabilities that may be incurred by a company dependent on the result of an uncertain future event, such as the result of an ongoing lawsuit, are known as contingent liabilities.

When they are both probable and reasonably estimable as a "contingency" or "worst case" financial consequence, these obligations are not recorded in a company's records and are not displayed on the balance sheet. The kind and size of the contingent liabilities may be described in a footnote to the balance sheet. It is feasible to categories a loss's possibility as remote, improbable, or probable.

To learn more about contingent liability refer to:

brainly.com/question/17371330

#SPJ4

4 0
2 years ago
Perceptions for which there are no appropriate external stimuli are called _____, and the most common type among people sufferin
julsineya [31]
Hallucination is the term in which perceptions are experienced by people without the appropriate external stimuli. In addition, the auditory people are considered to be most affected by schizophrenia wherein it is an illness that causes an individual to think and behave improperly.
7 0
3 years ago
Teresa has a contract to teach eighth grade at Washington Middle School. She decided she could make more money writing a book, s
kari74 [83]

Answer:

The duties under the teaching contract cannot be delegated

Explanation:

The person wit whom the school has a binding agreement was Teresa and contract of services cannot be delegated unilaterally by Teresa to her friend Shirley without consulting the school authority.

The appropriate procedure would be for Teresa to discuss with the school her plans to let Teresa to cover up for her absence,however, if the school accepts the new arrangement , Teresa would need to be relieved of her duties as this would be a permanent substitution.

8 0
3 years ago
Although it is not known whether you have to buy 1, 10, or 100 lottery tickets to get a winning ticket, it is highly probable th
Effectus [21]

Answer:

variable-ratio

Explanation:

According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question the type of schedule being used is called variable-ratio schedule. This refers to when a response is reinforced after a completely random amount of responses. Since positive results from gambling are completely random, this type of scheduling is mostly used in these situations.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0
3 years ago
The consumer sector is the largest part of the macroeconomy. Please select the best answer from the choices provided T F
cricket20 [7]
The answer is true bc businesses depend on consumers buying their product
5 0
4 years ago
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