Answer:
Option B.
Explanation:
A loss contingency refers to a charge to expense for what is considered to be a probable future event, such as an adverse outcome of a lawsuit. A loss contingency usually gives the person who is reading an organization's financial statements an early warning of a payment which is impending, and which is related to a likely obligation.
In the scenario presented above, we can see that Ultimate Company is involved in a lawsuit and might be expected to pay $3 billion, this reflects the situation of a loss contingency which should be disclosed in notes to Ultimate Company's financial statements.
The Date sheet is a statement for daily business transactions. it includes the list of checks and balances for the office for a specific date of service.
A business transaction is an economic event involving a third party that is documented in the accounting system of a company.
Such a transaction needs to have a monetary value. Business transactions include, for example:
In a specific diary, such as a purchasing journal or sales journal, high-volume commercial transactions may be documented.
These journals are used to record business transactions, which are then regularly compiled and submitted to the general ledger.
Transactions with a lower volume are submitted straight to the general ledger. The financial accounts of the company eventually include a summary of these transactions.
A source document must always be used to back up a business transaction. A purchase order, for instance, might be used to facilitate the purchase of items from a supplier and the payment of wages to an employee.
Learn more about business transactions here
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Answer:
increase
Explanation:
Break-even point is used to determine the minimum number of units a business needs to sell in order to fully cover the fixed costs. The break-even formula is below;
Break-even = Fixed cost / (Sale price - Variable cost)
If sales price (SP) decreases while keeping other factors; variable cost(VC) and fixed cost(FC) constant, the denominator amount will be smaller, making the break- even point to increase.
Answer:
B. reduced the price elasticity of demand for its products
Explanation:
Answer:
The formula for average is =AVERAGE(E15,E16).
The formula for highest is =MAX(F15,F16).
The formula for lowest is =MIN(G15,G16).
Explanation:
In MS Excel, on the left hand side below the tool bar there is a small box which tells the cell name where the cursor is clicked, the name of the cell can be changed from here easily, click on the desired cell and then by clicking on the box you can enter the name of the cell. After a cell is renamed the formula can be written by simply putting the name of the cell instead of the original e.g. E13
The formula for average is =AVERAGE(E15,E16).
The formula for highest is =MAX(F15,F16).
The formula for lowest is =MIN(G15,G16).
The cells provided in the formula above is just an example and more than two cells can be selected.
