Answer:
well thats easy all you have to do is get a good grade on every single assignment in every class
Explanation:
which is very hard
Since the question says you have $1,000 to spend or save you have to put what are the risks, advantages and disadvantages you might have with a,b,c and d
Answer:
Classifications :
- Direct Costs
- Indirect Costs
- Product Costs
- Period Costs
- Variable Costs
- Fixed Costs
Reasons for classifying costs :
- Inventory valuation
- Profit Measurement
Explanation:
The first step in Cost Classification if to Identify the Cost object.The Cost object is the unit or entity for which determination of cost is required.
By observing the cost accumulating on the cost object we would identify two types of costs :
- Direct Cost - Costs that can be traced on the cost object
- Indirect Cost - Costs that can not be directly traced on the cost object
Another category used to classify costs is whether or not they will be included in product valuation.
- Product Cost - Attached to Product and included in valuation
- Period Cost - Not attached to product and thus not included in product valuation
Lastly the Costs Behaviors bring about different classifications as follows :
- Variable Costs
- Fixed Costs
- Semi-fixed Costs
- Semi - Variable Costs
Answer:
- Record a liability.
- Disclose in notes.
- Have no disclosure.
Explanation:
A contingent liability should only be recorded if the likelihood of it happening is known and the value can reasonably be estimated.
In the first scenario, it is likely that Huprey will lose so the likelihood is known. The value can also be reasonably estimated to be $1,070,000 so this should be recorded as a liability.
In the second scenario, the likelihood is known but the value cannot be estimated. In such a case, simply disclose this possibility in the notes of the financial statement.
For the third scenario, the possibility of the liability being incurred is remote so there is no need to either record or disclose the liability.
