A contingent liability is recorded in the accounting records
A) if the contingency has not been described already in the notes to the financial statements.
B) if it possibly will become an actual liability and the exact amount is known.
C) under no circumstances.
D) if it probably will become an actual liability and the amount can be reasonably estimated.
D
You might also like to view...
The voters will (chose, choose) the members of the town (council, counsel) next Tuesday
What will be an ideal response?
Mr. Galvin, former Chairman and CEO of Motorola, thought that generating alternatives
a. should be done yearly at strategic retreats b. should be done quarterly as part of Motorola’s quarterly goal setting program c. should be done monthly at department staff meetings d. should be a way of life and done on a daily basis
The dual value on the nonnegativitiy constraint for a variable is that variable's
a. sunk cost. b. surplus value. c. reduced cost. d. relevant cost.
Which of the following value chain activities involves collecting, storing, and physically distributing the product to buyers?
A) inbound logistics B) operations C) customer service D) outbound logistics