The FASB and the IASB are reconsidering the role of uncertainty, or probability, in the definition, recognition, and measurement of liabilities. Existing recognition criteria include a probable future sacrifice of resources; one issue involves the minimum probability level to warrant recognition of an uncertain obligation as a liability. IFRS imply a minimum probability level of greater than
_____ percent.
a. 50
b. 60
c. 70
d. 80
e. 90
A
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A(n) ________ contract is a contract that has not been fully performed by either or both sides.
A. formal B. executory C. auction D. implied-in-fact
The introduction of a presentation should include all of the following except ? A) an attention-getting device that gets the audience involved
B) ?a preview of the main points to be discussed in the body of the speech. C) explanations and details of each of the main points. D) a personal credibility statement.
A crisis in the financial sector often spills over into other industries because when financial institutions ________ borrowing, activity in most other industries ________
A) increase; slows down B) contract; slows down C) increase; increases D) contract; increases
The purchasing cycle for a merchandising company consists of:
A. Create Invoice > Receive Inventory > Pay Bill > Record Deposits B. Create Invoice > Receive Payment > Record Deposits C. Create Purchase Order > Receive Inventory > Enter Bill > Pay Bill D. Create Purchase Order > Receive Payment > Make Deposits