Uncertainties such as natural disasters are:
A. Contingent liabilities because they are future events arising from past transactions or events.
B. Estimated liabilities because the amounts are uncertain.
C. Disclosed because of their usefulness to financial statements.
D. Reported in the same way as debt guarantees.
E. Not contingent liabilities because they are future events not arising from past transactions or events.
Answer: E
You might also like to view...
Different products that share similar characteristics, components, and/or manufacturing processes are referred to as?
a. A product grouping b. A product flock c. A product matching d. A product family
When more than one party claims an interest in the same collateral, a perfected secured party's interest has priority over the interests of most other parties
Indicate whether the statement is true or false
Consider the data on Inventory for Blenders Over a 20-Day Period. Any time that ending inventory falls to 15 or below, an order is placed for 30 units of the product. The lead time for delivery varies and is shown in the column under Lead Time. If the holding costs per unit were $8, what are the total inventory costs for the 20-day period?
A. $2,184
B. $2,240
C. $2,296
D. $2,136
Which of the following is a legally required fringe benefit that must be provided by employers with 50 or more employees within a radius of 75 miles of their home office?
A. Severance pay B. Auto insurance C. Alcohol and drug rehabilitation D. Family and medical leave