1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
xz_007 [3.2K]
3 years ago
9

Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recor

ding or disclosing contingent liabilities?
A) Auditors
B) Legal counsel
C) Management
D) Management and the auditors
Business
1 answer:
sergiy2304 [10]3 years ago
8 0

Answer:

C. Management

Explanation:

The Management of an organisation is primarily responsible for preparing the financial statements for that organisations to be consumed by relevant parties including the shareholders, the government and the society at large.

It is the responsibility of the Auditor to ensure that the prepared financial statement shows a true and fair state of the business for the period presented.

A contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event. A contingent liability is expected to be reported in the financial statement if it is likely to occur and can be reliably estimated.

Since Management is responsible for the preparation of the statement, then the inclusion of contingent liability is its responsibility.

You might be interested in
The company purchases equipment with cash - The Equity account does the following:
avanturin [10]

Answer:

The correct answer would be C, No Effect.

Explanation:

In Balance Sheet, there are two sides, one side contains Assets and Liabilities, whereas the other side contains Owner's Equity. When ever there is a change in the accounts head, the changes are reflected in the balance sheet or the concerned financial statement. In this question, The company purchases equipment, which is an asset, from cash. This transaction can be shown by the following entry:

Debit                                            Credit

Equipment(Asset)                         Cash

In this entry, we can see that cash is being credited, which means, owners equity is decreased, but at the same time, equipment is debited, which means assets are increased, and when assets increase, it means owners equity is increased. So there won't be any effect on the owner's equity because equity is just converted from cash to assets. There will be no increase or decrease in the owners equity. It will remain same.

3 0
3 years ago
Naomi weighed 50 patients for a medical study using a scale that measures to the nearest whole pound. She then calculated the me
KonstantinChe [14]

99.7 percentage of the data lies between 140 and 212 pounds when the distribution of the standard deviation is normal.

<h3>What is standard deviation?</h3>

Any given quantity, which is used to express that how many observations  differ from others in the total observations of a data, is referred to as standard deviation. It is represented by σ.

To calculate the percentage of data lying between the given values, we will use the formula of empirical method and the given information to compute as under,

\rm P(mu-3\ x\ \sigma < X < \mu + 3\ x\ \sigma)

Solving further,

\rm P(176-3\ x\ \12 < X < \176+ 3\ x\  12) = 0.997

Hence, the significance upon the standard deviation of data weighted by Naomi is as aforementioned.

Learn more about standard deviation here:

brainly.com/question/16555520

#SPJ1

4 0
2 years ago
The renewal probability is assumed to be 60% for a particular lease with 12 months vacant if the lease is not renewed. The expec
RUDIKE [14]

Answer:

(A) ​4.8 months

Explanation:

After the expiration of a lease, a maximum of one third allowance is usually given.

Therefore, The expected vacancy at the end of this lease can be calculated as follows:

The expected vacancy = 60% × 12 × (2 ÷ 3) = 4.8 months

Therefore, the expected vacancy at the end of the lease is 4.8 months.

6 0
3 years ago
Dorian owns a farm and sells potatoes to local restaurants and grocery stores. which phrase describes this information about dor
Sonja [21]

Dorian owns a farm and sells potatoes to local restaurants and grocery stores. The phrase describes this information about Dorian's business is supplier in the factor market.

Economists refer to all of the resources that firms utilize to buy, rent, or hire the equipment they use to generate goods or services as the "factor market."

The factors of production include raw materials, land, labor, and capital as they are what are required to meet these needs.

The input market is another name for the factor market.

By this definition, all markets fall into one of two categories: those that provide businesses with the resources they require, or those that provide consumers with the goods and services they need to make purchases.

Hence, the phrase describes this information about Dorian's business is a supplier in the factor market. As Dorian's business is to farm and sell potatoes to other businesses which use these as raw materials.

Learn more about Supply:

brainly.com/question/4804206

#SPJ4

5 0
1 year ago
Wayne worked in an office. He had no criminal record, had never had a complaint made against him about his work or his conduct,
boyakko [2]

Answer:

A) there was no way to foresee that the incident would happen.

Explanation:

Wayne hadn't done anything wrong before in the company, his behavior at the workplace could be described as very good; no complaint in 20 years and no criminal record what so ever. If Wayne was frustrated about his job, he disguised it very well. No one can predict this type of behavior if the person shows no prior signs of violence or frustration.

6 0
3 years ago
Other questions:
  • I'm not sure what subject this falls under
    8·1 answer
  • emphasize designing and managing organizations on an impersonal, rational basis through such elements as clearly defined authori
    9·1 answer
  • George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits unti
    10·1 answer
  • Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are availa
    15·1 answer
  • Middleton Company uses the perpetual inventory method. The company purchased an item of inventory for $130 and sold the item to
    10·1 answer
  • Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the
    7·1 answer
  • A master franchisee, in addition to having the right to open and operate a specific number of locations in a particular area, al
    8·1 answer
  • Which of the following describes the money you must pay to own an insurance policy?
    9·1 answer
  • Need help with accounting. ASAP
    12·1 answer
  • While in the process of posting from the journal to the ledger, a company failed to post a $500 debit to the equipment account.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!