An estimated liability:
A. Is an unknown liability of a certain amount.
B. Can be the result of a lawsuit.
C. Is not recorded until the amount is known for certain.
D. Is a liability that may occur if a future event occurs.
E. Is a known obligation of an uncertain amount that can be reasonably estimated.
Answer: E
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Using FedEx or UPS to deliver a formal report or proposal
A) is a waste of money—first-class mail is almost always preferable. B) is necessary only when sending the document overseas. C) will, in most cases, make you appear desperate. D) will be viewed as a careless use of money by the audience. E) allows you to track the report and ensure that it is delivered on time.
In preparing its bank reconciliation for the month of February, Vance Company has available the following information: Balance per bank statement, February 28 ................. $18,025 Deposit in transit, February 28 ......................... 3,125 Outstanding checks, February 28 ......................... 2,875 Check erroneously deducted by bank from Vance's account, February 1
........................................... 125 Bank service charges for February ....................... 25 What is the corrected cash balance at February 28? a. $18,125 b. $18,150 c. $18,275 d. $18,400
Briefly describe the difference between a manufacturing and a nonmanufacturing cost
Strategic objectives normally would not include?
A. Reducing product development time by one third to half the current rate of 24 months. B. Introducing five new products over the next 10 years. C. Improving teamwork across business units by doubling the number of intracompany projects. D. Improving security and stability of information technology capabilities to prevent breaches and outages. E. Boosting internal cash flows by 7 percent to fund new research and development activities.