Explain the meaning of the terms contingent liabilities and provisions as they relate to U.S. GAAP and IFRS?
Under U.S. GAAP, a contingent liability is accrued and presented on the balance sheet if it is probable and the amount can be reasonably estimated. IFRS reserves the term contingent liabilities for those items that are not recorded on the balance sheet. Those liabilities that are probable and are recorded are called provisions.
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a. True b. False Indicate whether the statement is true or false
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a. lease liability. b. future value of capital lease payments. c. equipment. d. equipment leasehold. e. present value of capital lease payments.
Both capital and operating expenditures can be depreciated
Indicate whether the statement is true or false
The shortest route network problem could help identify the best plan for running cables for televisions throughout a building
Indicate whether this statement is true or false.