How does a company account for a contingent asset that is not probable?
A、By way of note
B、As an asset in the statement of financial position
C、It does nothing
D、Offset against any associated liability
A、By way of note
B、As an asset in the statement of financial position
C、It does nothing
D、Offset against any associated liability
A、Disclosure
B、Nothing
C、Provision
D、Asset
A、$11,600
B、$13,400
C、$25,000
D、$4,500
A、1 and 3 only
B、1.2 and 3
C、2 and 3
D、only 2
A、A Probable obligation which cannot be reliably measured at present.
B、A present obligation as a result of a past event.
C、A possible obligation as a result of a past event.
D、A possible obligation depending on the occurrence of a future uncertain event.
A、Cannon should disclose a contingent liability of $100,000.
B、Cannon should neither provide for nor disclose the claim.
C、Cannon should provide for an expected cost of $20,000.
D、Cannon should provide for the expected cost of the claim of $100,000.
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