When, in January 2011, two thirds of Queensland and significant areas of New South Wales and Victoria (in other words, much of eastern Australia) disappeared under flood waters, a catastrophe soon followed in February by the widespread havoc wrought by a huge force 5cyclone that ploughed into a 700-kilometre stretch of the Queensland coast, both of these events were publicly framed as . The family group usually has two children. Bonds owned by investors whose names and addresses are recorded by the issuing company and for which interest payments are made with checks to the bondholders, are called: 22. Prior period errors: It is probable than an immaterial financial statement misstatement would not be detected on a timely basis. Not contingent liabilities because they are future events not, Contingent liabilities because they are future events arising, Disclosed because of their usefulness to financial. If, A:Given, The Discount on Bonds Payable account is: 28. where can i find red bird vienna sausage? The total amount of the cash dividend is: 21. School FPT University; Course Title ACCOUNTING ACC101; Uploaded By SargentCloverLion9. IAS 37, A:Contingent liabilities are those that are not incurred but there is a possibility to be incurred in, A:IASs provides guidance to deal with particular event or situation. 41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A. What is the debt to equity ratio for a company who has $700,000 in total liabilities and $3,500,000 in total equity? Uncertainties Such As Natural Disasters Are: How Long Are Gamestop Warranties For Refurbished Consoles? Contingent assets need not be disclosed in the financial statements or the notes thereto if they, A:Contingent assets means those assets the inflow of which depend upon future uncertain event., Q:18. Jimmy aaja, jimmy aaja. 1 Accuracy of the general journal A.. Does this mean addressing to a crowd? 22. B. Different IASs give direction on, Q:Which of the following statements regarding liabilities isfalse? The lead time is 2 weeks. Are not contingent liabilities because they are future events not arising out of past transactions or events. Test Prep. The Kb of pyridine, C5H5N, is 1.5 x 10-9. Reported in the same way as debt guarantees. This has been going on for about a week Every time I try to watch a video on Youtube from my laptop I get instantly redirected to "gslbeacon.ligit.com." , o a foreign country. A company had a market price of $83.12 per share, earnings per share of $4.87 and dividends per share of $5.40. Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. Qualificaes. 22. The amount of interest owed to the bondholders for each semiannual interest payment is. a. The cash flow on total assets ratio equals: 37. Required fields are marked *. Uncertainties such as natural disasters that could happen in the future: A. (b) State the unit of analysis of your study. c. The service level. See Answer Uncertainties such as natural disasters are: Expert Answer 100% (21 ratings) a. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Es ridculo que t ______ (tener) un resfriado en verano. On January 1, there were 8,000 shares of common stock outstanding. 12. d. Present obligation that entails settlement by probable future transfer or use of cash, goods, or services. A contingent liability is a potential obligation that depends on the future outcome of pastevents.d. (d) State your research objectives and the research hypotheses., in your opinion about innovation, describe it, During this unit you will be working on a final project in order to bring together everything that you've learned. The liability is classified as non-current, even if the lender has agreed, after the balance sheet date and before the authorization of the financial statements for issue, not to demand payment as a consequence of the breach Find answers to questions asked by students like you. Disclosure in the financial statement which is described as, Q:Which of the following is a characteristic of a current liability butnota long-term liability?, A:A liability is an obligation that comes from transactions done in past and payable in assets or in, Q:The primary reason for preparing a reconciliation between interest-bearing obligations outstanding, A:solution : A liability can occur on future uncertain events. Management has stated that it will tolerate one stockout per year. O A. the item to be insured should be legal and not against public, A:Insurable Interest forms subject matter of all insurance policies and is defined as follows, Q:When should a contingent liability be recognized and reported on the financial statements? Set up accounting records and complete the accounting cycle for The Matrix Computer Service. Are contingent liabilities because they are future events arising from past transactions or events. The Kb of pyridine, C5H5N, is 1.5 x 10-9. Disclosed in the notes unless the possibility of an outflow of, A:A contingent liabilitiy is required to be disclosed by way of notes to accounts in the financial, Q:Uncertainty is a significant problem in Please submit a, Q:Which of the following is not an essential characteristic of a liabili a. Overvalue existing assets. Your purpose and responsibilities as the accounting clerk are as follows: a. be accrued if they are probable and can be reasonably estimated, A:Gain Contingencies reasonable assurance 17. Q:Which of the following does not require disclosure in the financial statements? Sometimes financial statements contain errors. Do not affect presentation of financial statements D. Are estimated . is ordered in quantities of 10,000 units. Not contingent liabilities because they are future events not arising from past transactions or events. Mi hermana se sorprende N-F C-F Cl-F F-F 2 Answers C-F is the most polar. $1,500 gain C. $1,500 loss D. $3,000 gain E. $3,000 loss c 83. 45. The following statements are incorrect, except: At that point the remaining cost to be depreciated should be allocated over the remaining: 11. Liabilities stem from, A:Contingency is a liability that may arise in the future while the real liability has already, Q:Which of the following statements about contingent liabilities is incorrect? O All are essential, A:Liabilities are those present obligations that are due to business and they could be short-term in, Q:6. All organizations face uncertainties such as natural disasters and technology. a. Completa las oraciones con la forma correcta del presente de subjuntivo de los verbos entre parntesis.? b. 2 Accuracy of the general ledger Its gross sales were $1,090,000 and its net sales were $1,000,000. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events. The amount that should be reported as a source of cash under cash flows from investing activities is: Allow companies to omit the statement of cash flows from a complete set of financial statements if cash is an insignificant asset, Require that companies omit the statement of cash flows from a complete set of financial statements if the company has no investing activities, Require that companies include a statement of cash flows in a complete set of financial statements, Allow companies to include the statement of cash flows in a complete set of financial statements if the cash balance makes up more than 50% of the current assets, Allow companies to omit the statement of cash flows from a complete set of financial statements if the company has no financing activities. Question 22 B. A:Assuming this is the case, at that point. Goal d. The. Uncertainties such as natural disasters a are not. A gain contingency is an uncertain situation which will be resolved within the, Q:1. c. Not contingent liabilities because they are future events not arising from past transactions or events. Your performance needs to pull together all the concepts and procedures you have learned in this unit. Are not contingent liabilities because they are future events not arising out of past transactions or events. Q:If a firm does not provide for accrued liabilities, what problems may thefirm face? 4 Completion of the 6-column worksheet Uncertainties such as natural disasters A Are not contingent liabilities because. Do not affect, A:Error can occur for a number of reasons 22. choices: Save my name, email, and website in this browser for the next time I comment. The extent of uncertainty involved. Name the major nerves that serve the following body areas? Question: Uncertainties such as natural disasters are: Multiple Choice Not contingent liabilities because they are future events not arising from past transactions or events. Uncertainties such as natural disasters are: Question: Uncertainties such as natural disasters are: This problem has been solved! Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are future events arising from past transactions or events Should be disclosed because of their usefulness to financial statements Its price-earnings ratio is equal to: 32. Are not contingent liabilities because they are future events not arising out of past transactions or events. One of several ratios that reflects solvency includes the: 34. be predicted or are not the future events which are the result of C.When a reasonable estimation can be made of the amount owed Do not include mistake in the application of policy 7. A contingent liability should be, A:A contingent liability is a liability which may occur in the future due to some circumstances not, Q:Which of the following statements is false?a. a. You can find the polarity of a compound by finding electronegativities (an atoms desire for an electron) of the atoms; Carbon has an electronegativity of 2.5, compared to Fluorines A) Enter the the Ksp expression for the solid AB2 in terms of the molar solubility x. All contingent liabilities should be reported as liabilities on the financial statements,even those that are unlikely to occur.c. All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur. The company's total asset turnover is equal to: 10. to the empployees was very informative. Select one: The company retired these bonds by buying them on the open market at 97. Contingent liabilities because they are future events arising from past transactions or events. A company's board of directors' votes to declare a cash dividend of $0.75 per share. Contingent liabilities are:* However, the creative industry sector and MSMEs active in this sector area are vulnerable to economic shocks and uncertainties from disasters, especially the outbreak of the Covid-19 pandemic and natural disasters. How much total cash interest is received on May 1 by the bond issuer? It is reasonably possible that an immaterial misstatement would not be detected on a timely basis. An investment that is readily convertible to a known amount of cash and that is sufficiently close to its maturity date so that its market value is relatively insensitive to interest rate changes is a(n): 38. School University of Alaska, Anchorage; Course Title ACCT MISC; Type. , nit project as you participate in each lesson, then submit the project at the end of the unit. b. What is its accounts receivable turnover for the period? There is a remote likelihood that a material misstatement would be detected on a timely basis.c. Multiple Choice Disclosed in the notes unless the possibility of an outflow of, A:A liability whose occurrence depends upon the happening or non happening of future uncertain events, Q:1. Disclosed because of their usefulness to financial statements. Which of the following loss contingencies is not usually accrued? Uncertainties such as natural disasters that could happen in the future:A. The typical customers for this company are usually a family group of four. When conducting. Contingent liabilities because they are future events occurring past transactions or events. The present value factor for an annuity for 6 years at 7% is 4.7665. The sector has a significant impact on export earnings, income and job creation, particularly among women and youth. A:Contingent liability: Capitalizing an expenditure, A:Net income: Net income refers to the income earned by the company after providing for all the, Q:17. What is the gain or loss on this retirement? D. When the contingent liability is probable and a reasonable estimation can be made of the amount owed. Standards and Criteria for Success C: Should be disclosed because of their usefulness to financial statements. Note: Answering the first question as there are multiple. Apoiar a equipe de Relaes Institucionais e Governamentais na organizao de eventos e outras aes da rea; Localidade: So Paulo-SP. Non-contingent liabilities because they are future events notarising from past transactions or events. A liability is created because of the acquisition of an asset, payment of another liability, incurrence of an expense, declaration of cash or property dividend, a loss, or a revenue collected in advance. A contingent liability should be accrued if the loss is probable and the amount of theloss can be reasonably estimated. a., A:Contingent liability is the liability that arises on an event may or may not happen. The reporting of net cash provided or used by operating activities that lists the major items of operating cash receipts, such as receipts from customers and subtracts the major items of operating cash disbursements, such as cash paid for merchandise is referred to as the: Direct method of reporting net cash provided or used by operating activities, Indirect method of reporting net cash provided or used by operating activities, Net method of reporting cash flows from operating activities. The current market rate is 9%. a. c. A only If net income is equal to $40,000 and average total assets is equal to $332,500, how much are net sales? The company has an earnings per share of: 29. Question 9 uncertainties such as natural disasters. A. 4 Answers aaja Come. We analyze two aspects of the theory of financial risk management for natural disasters such as earthquakes. a. Role 3. Open a general ledger account for each account in the chart of accounts. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are future events arising from past transactions or events Should be disclosed because of their usefulness to financial statements . Disclosed because of their usefulness for financial purposesstatements. What type of liabilities may need correction as a prior period adjustment? A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.c. A dividend preference for preferred stock means that: Preferred stockholders receive their dividends before common shareholders, Preferred shareholders are guaranteed dividends, Preferred stockholders prefer dividends more than common stockholders, Dividends must be declared on preferred stock. Express your answer in terms of x. Posterior Thigh _____ 4. Uncertainties such as natural disasters that could happen in the future: A. a. Dividing ending inventory by cost of goods sold and multiplying the result by 365 is equal to the: 35. is a possible obligation that depends on future uncertain events, or Uncertainties such as natural disasters are: Select one: a. Amounts received in advance from customers for future products or services: 4. 1. Are contingent liabilities because they are future events arising from past transactions or events. The Matrix Computer Service is owned by Charles Stoudamyer. e. Reported in the same way as debt guarantees. 2. The following statements are correct, except a. product warranty. C. THANKS! The business earns revenue from three different areas; 1-hardware repair, 2-software repair, and 3-computer basic training. Liabilities stem from past transactions; loss contingen-cies stem from future events. What is the warranty liability at the end of 2010? 1. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities. Q:34. Are contingent liabilities because they are future events arising from past transactions or events.C. A:c. risk of loss from fire Combination of deficiencies in internal control over financial reporting of the, Q:8) Which of the following statements is false? Disclosed because of their usefulness to financial statements. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are future events arising from past transactions or events Should be disclosed because of their usefulness to financial statements Are estimated liabilities because the amounts are uncertain When the knowledge of the misstatement will affect a decision of a reasonable user of A company had average total assets of $897,000. Advance ticket sales totaling $6,000,000 cash would be recognized as follows: That expenses be ignored if their effect on the financial statements are less important than revenues to the financial statement user, The use of the direct write-off method for bad debts, The use of the allowance method of accounting for bad debts, That bad debts be disclosed in the financial statements. Your email address will not be published. The forecast of annual demand for a particular SKU is 100,000 units, and it answered Uncertainties such as natural disasters are: Select one: a. Can I use this word like this: The addressal by the C.E.O. Seattle, Washington(WA), 98106. Contingent liabilities are: 53. B. A, B and C c. Do not require further disclosure First week only $4.99! Situation First, we use the theory of Poisson processes to construct a model of an earthquake. following techniques It is recorded, Q:Which of the following would not overstate current-period net income?a. d. Are omissions and misstatements in the financial statements of prior periods, 40. _____ 1. High degree of, A:The correct answer is Issued instruments are classified as, A:Material weakness: This type of loss contingencies is not usually accrued. Please submit a new, Q:When an event impacts a financial statement element, it should be recognized in the accounting, A:The financial statements of a company are prepared at the end of an accounting year which shows the, Q:What is the relationship between present value and the concept of a Like, Accountant made simple Mathematical mistake in adding, Q:Prior period errors: International Financial Reporting Standards. 4. INHERENT RISKIS THE RISK POSED BY AN ERROR OR OMISSION IN A FINANCIAL STATEMENT DUE TO A, Q:Suppose the analysis of a loss contingency indicates that an obligation is not probable. 3 Answers C5H5N in water > C5H5NH+ & OH- Kb = [C5H5NH+] [OH-] / [C5H5N] 1.5e-9 = [x] 1. This site is using cookies under cookie policy . A company issues at par 7% bonds with a par value of $500,000 on June 1, which is 5 months after the most recent interest date. b. Second, we study the question of business failure . d. Disclosed because of their usefulness to financial statements. The annual annuity payments equal $10,490. 5 Answers There is no word like addressal. Uncertainties such as natural disasters are: Multiple Choice Not contingent liabilities because they are future events not arising from past transactions or events. Question: Uncertainties such as natural disasters are: Multiple Choice Not contingent liabilities because they are future events not arising from past transactions or events. The Conceptual Framework does not in any was assist prepares of financial statements in applying, A:Answer: Disclosed because of their usefulness to financial statements. It also has 125,000 weighted-average common shares outstanding and a market value per share of $115. * The liability is classified as current because, at the balance sheet date, the entity does not have an unconditional right to defer its settlement for at least twelve months after that date. Only statement (iii) is, Q:53. d. Most liabilities have stated and effective interest rates that are the same; in such a situation the principal, face, and maturity amounts are all the same. View this solution and millions of others when you join today! A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are. We then use this model to provide an index of the monetary damage from an earthquake with aftershocks. Contingent liabilities because they are future events arising from past transactions or events. Prepare a post-closing trial balance.Use these attached documents, the charts of accounts and transaction schedule following: Do not include mistake in the application of policy Estimated liabilities because the amounts are uncertain. A company has a profit margin of 12%. An enterprise should not recognize a contingent, A:Solution: It is reasonably possible that a material misstatement would not be detected on a timely basis.d. (a) Formulate at least two research questions for the problem. Name *. It is reasonably possible that a material misstatement would not be detected on a timely basis. You should be thinking about this u Uncertainties like natural disasters are: Multiple choices. B: Are contingent liabilities because they are future events arising from past transactions or events. Do not affect, A:Earlier period blunders are oversights from, and misquotes in, the substance's budget summaries for, Q:Which statement is incorrect in the measurement of a provision? When the contingent liability is probable Are estimated liabilities because the amounts are uncertain. B)Enter the the Ksp expression forC2D3 in terms of the molar solubility x. Jimmy aaja -M.I.A. A component of operating efficiency and profitability, calculated by expressing net income as a percent of net sales is equal to the: Cash inflows and outflows for an accounting period. Website. Deltoid muscle _____ 2. Shamrock Company had net income of $30,000. The ability to provide financial rewards sufficient to attract and retain financing is called: 43. Are not contingent liabilities because they are future events not arising out of past transactions or events. Include it at the bottom. 10MCQ, Your question is solved by a Subject Matter Expert. Liabilities always are recorded in the accountingrecords, whereas loss contingencies never are.c. For example: 7*x^2. As the new accountant forThe Matrix Computer Service, you need to use the attached accounting stationery to complete the accounting procedures. A company has net sales of $870,000 and average accounts receivable of $174,000. Which of the following statement/s are incorrect? There is a remote likelihood that a material misstatement would not be detected on a timely basis. Most employees and employers are required to pay: Must always have a definite date for payment. A. Requisitos: Cursando bacharel em Direito, Cincias Sociais, Relaes Pblicas, Administrao, Comunicao Social ou . Translations in context of "NATURAL DISASTERS AND THE UNCERTAINTY" in english-french. A and B only Uploaded By vb10101. Are contingent liabilities because they are future events arising from past transactions or events. Uncertainties such as natural disasters: A: Are not contingent liabilities because they are future events not arising from past transactions or events. a) In your own word, what is a contingent liability?, A:Note: Since you have posted multiple questions, we will solve the first question. There is a, A:Contingent Liability 41. 26. A contingent liability should be disclosed in the notes to the financial statements if there is a reasonable possibility that a loss (or expense) will occur.b. It is reasonably possible that an immaterial misstatement would not be detected on a timely basis. The current rate for FICA social security is 6.2% and the FICA Medicare rate is 1.45%. Uncertainties such as natural disasters that could happen in the future: A. Pages 8 is a, Q:A contingent liability should be recorded in the financial statements when the: Non-contingent liabilities because they are future events not arising from past transactions or events. A disaster is an emergency of such severity and magnitude resulting from various uncertainties such as multiple deaths, injuries, illness, and property damage, and often not handled with routine procedures and resources. Uncertainties like natural disasters are: Multiple choices. The measurement of key relations among financial statement items is known as: 33. e. The order point. overstate long-lived assets? Current assets divided by current liabilities is equal to the. A company has a profit margin of 8%. Are not contingent liabilities because they are future events not arising out of past transactions or events.B. A basic difference between loss contingencies and realliabilities is: HERE are many translated example sentences containing "NATURAL DISASTERS AND THE UNCERTAINTY" - english-french translations and search engine for english translations. d. Liabilities can be large in amount, whereas loss contin-gencies are immaterial. liability? Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are future events arising from past transactions or events Should be disclosed because of their usefulness to financial statements . An employee earned $4,300 working for an employer. a. Which of the following contingencies is usually not accrued in the accounts? Prepare a trial balance (in the worksheet) and complete a 6-column worksheet. A liability will be reported at less than its maturity amount prior to the maturity date if the stated rate of interest on the liability is higher than the market rate of interest. Disclosed because of their usefulness to financial statements. 25. The effects of this transaction include: Assets increase by $75,000 and liabilities increase by $75,000 At the end of the day, the cash register's record shows $1,000 but the count of cash in the register is $1,035. Your email address will not be published. 47. a. uninsured risk, Q:A material weakness is a situation in whicha. If a company had net income of $2,379,600, interest expense of 234,000, a tax rate of 40%, and operating income of 4,200,000, what would the times interest earned ratio be for the company? (c) What is your independent and dependent variable? The company has 15,000 shares authorized, 10,000 issued and 9,500 shares outstanding. *Response times may vary by subject and question complexity. Which of the following statements is false?a. Which of the. Issued instruments are classified as, A:Incorrect Statements that have been correct as below. A company has bonds outstanding with a par value of $100,000. A company's transactions with its creditors to borrow money and/or to repay the principal amounts of loans are reported as cash flows from: 36. You are taking over the accounting work as of February 28 (not leap year). Do not include mistake in the application of policy Present values are, A:Note:Wellanswerthefirstquestionsincetheexactonewasntspecified. A material weakness is a situation in which: The unamortized discount on these bonds is $4,500. The risks and uncertainties, A:Provisions are made when there is ambiguity about the relative price of discharge of these, Q:30. The following statements are correct, except A material weakness is a situation in whicha. B. Group of answer choices, A:A contingent liability is a potential liability that may arise in the future, such as unresolved, Q:17 Jljuall The company wants to know what Indian travelers look for when booking a holiday t Sales history for the past 10 weeks follows. Spanish Help C. Should be disclosed because of their usefulness to financial statements. Not contingent liabilities because they are future events not arising from past transactions or events. a) Under IFRS, expenses include losses that are, A:Note: Contingent liabilities because they are future events arising from past transactions or events. A contingent liability should be disclosed in the notes to the financial statements if thereis a reasonable possibility that a loss (or expense) will occur.b. Reported in the same way as debt guarantees. b. Sigma for the lead time interval. What Kind Of Student Will Succeed In IB Math. ABC Travels is a travel company that offers foreign tour packages. Financial information is a written record of an organization and individual, Q:33. Management can estimate the amount of loss that will occur due to litigation against the, Q:The recognition of certain nonfinancial liabilities (e.g., contingencies and environmental, A:Contingent liabilities are those, the occurrence of which depends upon the happening of a future, A:International Financial Reporting System defines the rules of accounting and standards set by the, Q:How are contingent liabilities accounting for? The Organization has not gotten the accrued liabilities., Q:What terms can be used to express an unmodified opinion on financial statements prepared in, A:Financial statements are the reports those are presented by the business to the interested parties. Free Online Tools To Convert Your Hex Values To Decimal. Such as in the song Jimmy by M.I.A look at aaja in the dictionary My indian boyfriend told me is meaning come to me, 6 Answers I have never had or heard of that particular brand, but have had several here in Canada, plus a number in the Caribbean and Asia, and there all the same, small cut hot dogs in a can, no need q now please.. Name the major nerves that serve the following body areas:? The more accurate the information and the records of the business are, the better the management can make more informed decisions concerning the business D.Are estimated liabilities because the amounts are uncertain. Are contingent liabilities because they are future events arising from past transactions or events. This account is referred to as a(n): Is the amount paid in excess of par by purchasers of newly issued stock, Is the difference between par value and issue price when the amount paid is below par. Bonds that have interest coupons attached to their certificates, which the bondholders detach during each interest period and present to a bank for collection, are called: 27. b. Pages 299 Ratings 100% (1) 1 out of 1 people found this document helpful; Uncertainties such as natural disasters are: Multiple Choice Not contingent liabilities because they are future events not arising from past transactions or events. Estimated liabilities because the amounts are uncertain. a. Option A is the answerNatural disasters are not contingent liabilities because they cannotbe predicted or not are the future events that are the result ofpast events or transactions, Your email address will not be published. Accordingly, they are NOT disclosed. Internal users of financial information: Are not directly involved in operating a company, Include suppliers, regulators and the press. B. 2. The present value of the loan is: Require the issuer to set aside assets in order retire the bonds at maturity, Require equal payments of both principal and interest over the life of the bond issue. 14. Work Plz. There is, A:Disclosure in Financial statement c. Not contingent liabilities because they are future events not arising from past transactions or events. Save my name, email, and website in this browser for the next time I comment. c. Accounts payable with customary term of 18 months is classified as current liability. Question 9 Uncertainties such as natural disasters that could happen in the. 50. Enter each business transaction in the general journal starting on page On October 10, 2010, Printfast Company sells a commercial printer for $2,350 with a one year warranty that covers parts. b. The cost of the parts for the repair is $80 and Printfast pays their technician $150 to perform the repair. d. B only. It is probable that an immaterial financial statement, A:A material weakness is when there are deficiencies in the internal controls which leads to, Q:A material weakness is a situation in which: Should be disclosed because of their usefulness to financial statements. past events or transactions, Your email address will not be published. Not contingent liabilities because they are future events not arising from past transactions or events. Past experiences on the collectability of the receivablesB. These are NOT contingent liabilities because they are future events not arising from past transactions or events. . When an entity breaches an undertaking under a long-term loan agreement on or before the balance sheet date with the effect that the liability becomes payable on demand, (choose the incorrect statement) If net income is equal to $450,000 and average total asset is equal to $600,500, how much are sales? Suportar o monitoramento dos Governos Federal e Estaduais. 1. Pleasesubmitanew, Q:Which of the following statement/s are incorrect? A company borrowed $50,000 cash from the bank and signed a 6-year note at 7%. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. 44. External users of financial information: Are those individuals involved in managing and operating the company, Include internal auditors and consultants, Are not directly involved in operating the company. UNCERTAINTIES IN PREDICTING TOURIST FLOWS 165 TABLE I Major weaknesses of current models in predicting travel ows Validity and structure of statistical databases Temperature assumed to be the most important weather parameter Importance of other weather parameters largely unknown (rain, storms, humidity, hours of sunshine, air pollution) Auditing: A Risk Based-Approach (MindTap Course L Intermediate Accounting: Reporting And Analysis. B. Gain contingencies should A company has net income of $850,000. There were no other stock transactions. It is probable than an immaterial financial, A:A Material weakness is a combination of deficiencies in internal control over financial reporting, Q:Prior period errors Analyze each business transaction. It is probable that an immaterial financial statement misstatement would not be detected on a timely basis.b. An Hinglish word (Hindi/English). [Picture here] Contingent liabilities because they are future events arising from past transactions or events. Calculate the pH of a solution of 0.157 M pyridine.? Journalize and post the closing entries Use the general journal you used for all the daily transactions and the bank service charge. Your work will be reviewed by any government involved in the accounting procedures of The Matrix Computer Service. Disclosed because of their usefulness for financial purposes statements. Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg, James M. Wahlen, Jefferson P. Jones, Donald Pagach, 22. C. Should be disclosed because of their usefulness to . Why is my internet redirecting to gslbeacon.ligit.com and how do I STOP THIS? c. Transaction or other event creating the liability has already occurred. Warranty expense is project to be 4% of sales. It has been in business for three months. a. Answer : Are not contingent liabilities because they are future events not arising out of past transactions or events. Save my name, email, and website in this browser for the next time I comment. a., A:SOLUTION- b. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are future events arising from past transactions or events Should be disclosed because of their usefulness to financial statements Q:How can an inaccurate estimate of assets have serious consequences? Request PDF | Optimal resilient operation of smart distribution network in the presence of renewable energy resources and intelligent parking lots under uncertainties | Due to climate changes, the . Such uncertainty can occur for several reasons. Me molesta que mis padres no ______ (cuidar) su alimentacin.. 3. In this project, imagine you are the new accountant for The Matrix Computer Service and you need to use the attached accounting stationery to complete the accounting procedures. It buys office equipment on credit for $75,000. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Address: 9241 13th Ave SW The amount of income earned per share of a company's common stock is known as: 18. For reasons such as vehicle repair costs, drivign rates and natural disasters, Maryland and Virginia are two of the three states where insurance rates rose the most this year. Select one: Post each journal entry to the appropriate general ledger accounts. On April 1, the company issued an additional 2,000 shares of common stock. c. The liability is normally classified as current; however, the liability is classified as non-current if the lender agreed by the balance sheet date to provide a period of grace ending at least twelve months after the balance sheet date, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. A special bank account used solely for the purpose of paying employees, is created by depositing the amount of each employees' net pay into the account every pay period. C. Contract rate is equal to the market rate. b. Q:Which of the following statements is false? Uncertainties such as natural disasters not contingent liabilities because they are future events not arising from past transactions or events Gross pay total compensation earned by an employee before any deductions FICA taxes include Social Security and Medicare taxes Callable Bonds When should a contingent liability be recognized and reported on the financial statements? Contingent liabilities because they are future events arising from past transactions or events. Are contingent liabilities because they are future events arising from past transactions or events. Audience Purpose $0 gain or loss B. Financial Reporting but the current version of a. The company's price-earnings ratio is equal to: 19. Calculate: a. Sigma for the demand history time interval. What, A:Contingent Liability Contingent liability is one form of liability that arises based on a, Q:An obligation that is contingent on the occurrence of a future event should be reported in the, A:Financial statements: The financial statements refer to the combination of a various statements like, Q:Management can estimate the amount of loss that will occur due to litigation against the company. Which of the following statements is false?Select one:a. $0, there is no liability at the end of 2010. a. Well answer the first question since the exact one wasnt specified. A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. Sometimes on Family Guy when there about to take someones heart out they say, calimar or maybe its spelled different. No creo que Susana _____ (seguir) sobre los consejos de su mdico. b. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events, Are contingent liabilities because they are future events arising from past transactions or events, Should be disclosed because of their usefulness to financial statements, Are estimated liabilities because the amounts are uncertain, Arise out of transactions such as debt guarantees. b. A liability, A:A liability is a present obligation due to past transactions & events for making payment in, Q:18. Prepare the following financial documents: --Income Statement --Statement of Change in Owner's Equity --Balance Sheet [Files attached] On February 28, 2011, the printer requires repairs. a. A contingent liability is a potential obligation that depends on the future outcome of past events.d. Start your trial now! Uncertainties such as natural disasters that could happen in the future: A. 1. I. El subjuntivo B. A company had net cash flows from operations of $120,000, total cash flows of $500,000 and average total assets of $2,500,000. a. 49. An enterprise should not recognize a contingent, Q:From the following statements, identify which error/s creates material misstatement while reporting, A:Material misstatement is referred to as an information in financial statements, which are actually, Q:Which of the following does not require disclosure in the financial statements? the, A:Financial statement: A:Assets are the resources owned by a firm which will fetch benefit either in the current period or in, Q:all obtain so that financial statements are free from material misstatements? Following statements are correct: Uncertainties such as natural disasters are: Natural disasters are not contingent liabilities as they cannot A. C.Should be disclosed because of their usefulness to financial statements. Unavoidable obligation. You can specify conditions of storing and accessing cookies in your browser. c)Reasonable assurance Should be disclosed because of their usefulness to financial statements.D. Comparative financial statements in which each amount is expressed as a percentage of a base amount and in which the base amount is expressed as 100%, are called: 42. Uncertainties such as natural disasters that could happen in the future: A. In all cases, each of these causes usually provides the basis for measuring the liability. 34. The business is structured as a sole proprietorship and provides computer services to individuals or small businesses. A liability will be reported at less than its, Q:33. Enter the the Ksp expression forC2D3 in terms of the molar solubility x.? A contingent liability should be disclosed in the, A:A contingent liability is a liability which occurrence is depending on the outcome of a uncertain, Q:A basic difference between loss contingencies and realliabilities is: Are contingent liabilities because they are future events arising from past transactions or events. 20. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. A promissory note received from a customer in exchange for an account receivable: Is an account receivable for the recipient, Is a short-term investment for the recipient. 6. The average number of times a company's inventory is sold during an accounting period, calculated by dividing cost of goods sold by the average inventory balance is equal to the: 39. 31. 5 Accuracy of the financial documents The Conceptual Framework does not in any ways assist preparers of financial statements, Q:The risk that a client's financial statements are susceptible to material misstatements is d. The safety stock required for this service level. Insurable interest refers to 1. A company issues 9%, 20-year bonds with a par value of $750,000. 40. Diaphragm _____ 3. PLEASE HELP!!! Future expectations based on information that are available without undue cost and effort Contingent liabilities because they are future events occurringpast transactions or events. 3 Proper reconciliation of the bank statement 8. Which of the following is a characteristic of a current liability butnota long-term liability? Reporting contingent liabilities do not require they be probable or reasonably estimated b., A:The answer is given below: Calculate the pH of a solution of 0.157 M pyridine. pleasee hellppp, 11.15. Estimated liabilities because the amounts are uncertain. Present condition of the debtor, including the present economic environmentC. 23. Estimated liability because the amounts are uncertain. Email *. Uncertainties such as natural disasters: Are not contingent liabilities because they are future events not arising out of past transactions or events Are contingent liabilities because they are future events arising from past transactions or events Should be disclosed because of their usefulness to financial statements . The employer's total FICA payroll tax for this employee is: 15. 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