Based on U.S. GAAP principles, the accounting recognition to be recorded in a journal would be:
Date Account title Debit Credit
December 31 Loss from estimated contingency $806,000
Estimated liability from contingency $806,000
<h3>Requirements for recording a loss from Contingency</h3>
- Loss must be probable.
- Loss amount can be reasonably estimated.
The loss is probable as the government has indicated its wishes clearly. The loss amount is also reasonably estimated to be $806,000. This can therefore be recorded as the above.
Find out more on contingency losses at brainly.com/question/25166312.
Answer:
services are defined as:
C) the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
Explanation:
A service is a intangible activity that is provided to persons in order to satisfy a need. It is the contrary to a product because a product is tangible and is manufactured. However, services are not manufactured but they are provided to each specific client.
Examples or services are: medical services, education, lawyers advisory, internet connection, counselling, telemarketing.
Answer:
impose a tax on imported widgets - if the government imposes a tax on imported widgets, imported widgets will become more expensive to consumeres, making consumers flock to domestically produced widgets, prompting domestic firms to increase domestic supply to at least 8,000 widgets.
impose an import quota - the government can also simply impose an import quota of 4,000 widgets, which will oblige consumers to buy at least 8,000 domestic widgets if they want to satisfy their demand of 12,000 widgets.
Answer:
Prepaid Health Plan
Explanation:
PREPAID HEALTH PLANS can be defined as a form of contracts or agreement that occur between an insurer and a subscriber in which a set of health benefits is been provided in return for a periodic premium due to the fact that the insurance companies often arrange to pay their health care providers for service in which an enrollee has coverage by paying or making reimbursement for the Health Care Services on a prepaid basis other than insured plans.
Therefore according to the information given
this was considered a PREPAID HEALTH PLAN
Answer:
A staff managerial accountant is part of the mid-level accounting management.
The top position in the chain of command is the Chief Financial Officer, who is in charge of all financial matters within the firm, especially of presenting accurate financial information at the end of the accounting year to management, stockholders, and potential investors.
Directly below him is the controller, an important position in charge of reporting financial statements during the year, and helping gather information for auditors during external audtis.
Below a staff managerial accountant would be lower level accounting who are in charge of bookeeping on a daily basis.