If the likelihood of a future event is probable and the amount of the expense cannot be estimated, how should the company report the contingency?
What will be an ideal response?
Describe the situation in a note to the financial statements.
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In preparing financial statements, accountants should consider all of the following except:
a. The objectives of financial reporting. b. The characteristics that make accounting information useful. c. The most useful way to display the information found on the financial statements. d. The presentation of the value of a company.
Answer the following statements true (T) or false (F)
1. Microsoft has been accused of adapting competitors' products after those firms spent the resources and took the risks to develop them. Companies with this strategy are known as analyzers by Miles and Snow. 2. Blockbuster Video was slow to adapt to the latest trends in its industry, such as DVD-by-mail and movie downloads online. When it tried to incorporate the same into its business model, it was well behind competitors like Netflix. Blockbuster might be defined as a defender, according to Miles and Snow. 3. Eastman Kodak, though it actually invented the digital camera, was slow to move into the production of this product as well as digital printers. Its continued reliance on traditional 35mm film production and processing, which resulted in its bankruptcy, makes it a reactor according to Miles and Snow. 4. The process of a business cycling through decisions first to select products and markets, then about producing and delivering the products, and finally to establish roles and processes is known as the discovery cycle.
Later studies of LMX found all of the following except ______.
A. positive relationship between quality of LMX and citizenship behaviors B. high-quality LMX was positively related to employee feelings of energy C. interest in studying LMX has diminished D. high LMX correlates to positive organizational outcomes
Compare and contrast the following forms of business organization: sole proprietorship, general partnership, limited partnership, limited liability company, and corporation as to ease of formation, liability of owners, management, and tax implications