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mestny [16]
3 years ago
13

Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in Dece

mber 2018 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $2.8 million. The fiscal year ends on December 31. Should this contingent liability be reported, disclosed in a note only, or neither?
Business
1 answer:
Angelina_Jolie [31]3 years ago
4 0

Answer:

Yes

Explanation:

Since in the question it is mentioned that the product recall is probable and predicted that the cost to the company is $2.8 million so this represent the contingent liability as it is probable & estimated

So the same should be disclosed and reported

Hence, the answer should be yes

The same is to considered relevant

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Explanation: A disclosed principal is a principal whose identity is known by a third party with whom an agent contracts on the principals behalf, making this statement true.

7 0
3 years ago
Patti would like more information about product recalls. Which of the following resources would not be reliable and relevant?
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With the holiday season approaching, Denelle reviews holiday sales from the last five years to determine how much inventory to p
Westkost [7]

The information given shows that Denelle is conducting a trend analysis.

<h3>What is a trend analysis?</h3>

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7 0
2 years ago
Vertical accountability refers to the ability of _________.
Wewaii [24]

Answer:

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4 0
3 years ago
When ruko, a device used to stream movies at home, increases prices by 48% total revenue decreases by 61%?
Free_Kalibri [48]

Answer: Demand is elastic

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