A contingency must be accrued in the accounts and reported in the financial statements when
a. the amount of the loss can be reliably estimated and it is probable that an asset is impaired or a liability incurred.
b. it is evident that an asset has been impaired or a liability has been incurred even though the amount of the loss cannot be reliably estimated.
c. it is not certain that funds will be available to settle damages that may arise from a pending lawsuit.
d. a loss is expected and its amount is uncertain.
A
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Which act limits consumers' liability for fraudulent credit card charges?
a. Identity Theft and Assumption Deterrence Act b. Fair Credit Billing Act c. Family Education Rights and Privacy Act d. Fair Credit Reporting Act
As employees are promoted to leadership responsibilities, their technical skills become more important.
Answer the following statement true (T) or false (F)
Geri is a minor. Without her parents' knowledge, she signs a contract to buy an airline ticket to Hawaii for spring break. Geri's parents are liable for? A)?the entire price of the ticket
B)?no part of the price of the ticket. C)?up to half of the price of the ticket. D)?up to two-thirds of the price of the ticket.
When can an optimum inventory level be maintained?
A. When the costs of carrying inventory are higher than the costs of stocking out B. When the costs of carrying inventory are lower than the costs of stocking out C. When the sum of the costs of carrying inventory and the costs of stockout is high D. When inventory carrying costs and stockout costs are zero