Which of the following statements regarding contingencies is true?
a. Contingencies that are probable and estimable must be recorded before the outcome of future events.
b. Contingent assets, if probable and estimable, are treated in much the same way as contingent liabilities.
c. The accounting principle that determines whether a contingent asset is recorded is that of materiality.
d. Contingencies that are not estimable should not be disclosed even if probable.
a
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Answer the following statements true (T) or false (F)
1. Understanding and appreciating that guests, their expectations, and their capabilities are varied means that truly guest-focused organizations must hone in on their specific target markets. 2. The service package is the entire bundle of tangible and intangibles in a transaction with a service component that makes up a service experience. 3. According to Theodore Levitt, everybody is in service; it is simply a matter of which industries service components are greater or less. 4. The service experience is based on the total experiences with a service provider, not each experience independently.
Use this information pertaining to Tucson Company to answer the following question. 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building being depreciated over 5 years is estimated to be $10,000 per year. The building was purchased at the beginning of the prior
year for $50,000. 3.A one-year insurance policy was purchased for $4,800. Five months have passed since the purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. Which of the following statements is correct regarding the building? A) The adjusting entry to record depreciation will include a credit to Accumulated Depreciation - Building $10,000. B) The book value of the building at the end of the current year is $30,000. C) The Accumulated Depreciation - Building account will have a balance of $20,000 at the end of the current year. D) All of these choices.
The idea that economic relations can be understood outside of their organically situated social settings is known as ______________.
a. Embeddedness b. Economic rationality c. Socialism d. Institutionalism
The part of speech that connects a noun or a pronoun to the rest of the sentence is a(n):
A. adverb. B. verb. C. adjective. D. preposition.