If the likelihood of a loss is reasonably possible, a contingent liability is recorded by making an appropriate journal entry.
Answer the following statement true (T) or false (F)
False
If the likelihood of loss is only reasonably possible, no journal entry is recorded; the contingent liability is disclosed in the notes to the financial statements. If the loss is probable and can be reasonably estimated, the liability and estimated loss is recorded in a journal entry.
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Sandra is a clerk in a mid-size office. She has two friends who have similar jobs in other offices. All three friends have been in their jobs for about the same length of time, and their wages are almost identical. Sandra has pay equity.
Answer the following statement true (T) or false (F)
Briefly discuss the enforceability of contracts by third parties
Suppose a randomly selected patron prefers beer. What is the probability the patron is a male?
List the problems associated with information silos
What will be an ideal response?