Yes, companies should accrue an estimated loss from a loss contingency if information available prior to the issuance of financial statements indicates that it is reasonably possible that a liability has been incurred. This approach promotes transparency and helps users of financial statements make more informed decisions based on the potential impact of loss contingencies.
This is in line with the Generally Accepted Accounting Principles (GAAP) and the principle of conservatism.
A loss contingency refers to an existing condition or situation where the outcome is uncertain, and it will be resolved by a future event or events. Examples of loss contingencies include pending litigation, potential warranty claims, or environmental liabilities.
According to GAAP, if it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated, then the company should record the liability and accrue the estimated loss in its financial statements. This ensures that the financial statements reflect the potential impact of the loss on the company's financial position and results of operations.
However, even if the loss is not probable but is reasonably possible, companies are still encouraged to disclose the nature of the contingency and provide an estimate of the potential loss or range of losses in the footnotes to the financial statements. This helps to provide transparency and ensure that users of the financial statements are aware of the potential risks and uncertainties faced by the company.
By accruing estimated losses from loss contingencies when it is reasonably possible, companies adhere to the principle of conservatism, which aims to prevent the overstatement of assets or income and to ensure that potential liabilities and losses are appropriately recognized.
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What are the disadvantages of trade protectionism?.
Disadvantages of protectionism are limited choice for customers, slow technological growth, and increased prices.
Protectionism is an outcome of protectionist trade policies that a government of a country adopts to protect and promote its domestic producers and sellers. Protectionism limits the choice of products and services for the customers as there is no access to foreign goods.
Protectionism also results in stagnation of technological adaptation in business and production as the producers are laid back due to no competition from outside. They will also increase the price as there are no foreign goods available for competition. Customers have to pay for the increased price irrespective of the improvement in the product.
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Suppose the u.s. economy faces a $1,000 million recessionary gap and mpc is 0.8. what fiscal policy will close the recessionary gap?
Expansionary fiscal policy contains tax cuts, transfer payments and expanded government spending on projects such as infrastructure advancements.
Expansionary fiscal policyExpansionary fiscal policy is most suitable when an economy is in slump and growing below its potential GDP.However, expansionary fiscal policy can result in increasing interest rates, growing trade debts, and accelerating inflation, particularly if applied during beneficial economic developments.
These side impacts from expansionary fiscal policy tend to partly offset its stimulative effects. It seeks to spur economic activity by arranging more money into the hands of consumers and businesses. It's one of the major forms governments reply to compacting in the business cycle and prevent economic recessions.
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Briefly describe an example of how the high rates of inflation that the US is experiencing has affected you or someone you know.
The high rates of inflation in the US can have various effects on individuals and their finances. One example of how inflation can affect someone is through the increased cost of goods and services.
For instance, let's say you know someone who is a college student. They rely on part-time jobs to cover their expenses, including tuition fees, rent, and groceries. As inflation increases, the prices of these essential items also rise. This means that the student's income may no longer be sufficient to cover their expenses, leading to financial strain.
Here's a step-by-step breakdown of how this situation unfolds:
1. Inflation occurs when the general level of prices for goods and services rises, resulting in a decrease in the purchasing power of money.
2. As inflation increases, the prices of goods and services also increase.
3. In the example, the college student's part-time job income remains the same, but the prices of tuition fees, rent, and groceries rise due to inflation.
4. The student now needs more money to cover their expenses, but their income has not increased.
5. This leads to financial stress as the student struggles to make ends meet, potentially resulting in the need to take on additional work, reduce spending in other areas, or rely on loans.
It's important to note that inflation affects different people in different ways, depending on their income level, occupation, and spending habits. This example demonstrates one possible scenario where inflation can have a direct impact on an individual's ability to meet their financial obligations.
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explain three steps the ccma will take to resolve a grievance
Answer:
1: If you have a labour problem, it is very important that you take steps immediately. In the case of an unfair dismissal dispute, you have only 30 days from the date on which the dispute arose to open a case. With discrimination cases, you have six months.
2:If you have decided to lodge a dispute, you need to complete a CCMA case referral form, also known as a LRA Form 7.11. These forms are available from the CCMA offices, DOL offices and the CCMA website.
Step 3: Once you have completed the form, you need to ensure that a copy is delivered to the other party. You must be able to prove that they received a copy. Acceptable methods include faxing a copy (keep the fax transmission slip), sending it by registered mail (keep the postal receipt), send it by courier (keep proof) or deliver in person (ask the person receiving it to sign for it).
Explanation:
hope it helped!!
Breanna completed her lease term, and decided to turn the car in instead of purchasing it. Upon inspection, the dealership noted that the windshield was cracked. What fee will breanna be required to pay as a result?.
Lease penalty will be Breanna be required to pay as a result.
Lease penalty :When you return your car at the conclusion of your lease, you may be assessed a penalty known as a lease penalty. This may be due to excessive mileage (going above the established annual mileage cap) or damage to the car's exterior or interior. This means that Breanna will be charged a cost as a result of the windshield damage, which is a lease penalty. There are several situations when you can avoid paying your lease penalty, however they are uncommon. These contain:
a medical need
Active duty or military deployment
motives pertaining to personal protection
Failure of the owner to fulfil their obligations.
The simplest way to avoid paying a lease penalty is to simply finish the entire.
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Insurance can help with ???
Answer:
B. In an emergency
Explanation:
Insurance is purchased to protect things that you own
Crosby contracts with Subban whereby Crosby agrees to sweep Subban retail shop at the end of each work day. Before the first payment is due, Subban realizes that Crosby is unlicensed. The state of Florida requires all retail floor sweepers to be certified and pay annual dues. Subban therefore does not pay Crosby for his work. When Crosby s brings a breach of contract case against Subban to court the court will decide the contract is Group of answer choices
Crosby signs a contract with Subban and agrees to meet at Subban's business at the conclusion of each work day, before the first payment is due, and then files a lawsuit against Subban, claiming that the license is unenforceable because the license's objective is to protect the public.
What is contract?A contract is the legal agreement between the two parties. It contains all the essentials of section 10. On the breach of such contract, the party who break the contract will be punishable under the act.
Crosby and Subban have a contract in which Crosby agrees to sweep Subban's retail store at the end of each work day. Subban discovers Crosby is unlicensed before the first payment is due.
All retail floor sweepers in Florida are required to be certified and pay annual dues.
As a result, Subban does not compensate Crosby for his efforts. When Crosby s pursues a breach of contract complaint against Subban to court, the judge will conclude the contract is invalid since the purpose of the license is to protect the public.
Therefore, the contract is unenforceable.
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50 POINTS
Becky works as a cashier at a local grocery store. The pathway in the human services cluster that Becky works in is:
A. Counseling and Mental health services.
B. Family and community services.
C. Early childhood development.
D. Consumer services.
If you don't know don't answer, I don't want any wrong answers...
Answer:
Becky works as a cashier at a local grocery store. The pathway in the human services cluster that Becky works in is:
I think it's
D. Consumer services.Answer
D have a great day :)
Explanation:
Which of the following is an example of telecommuting?
A. Setting up a conference call between two different companies
B. Working from home instead of at the company's main office
C. Scheduling a meeting in the middle of the day
D. Using a computer and slideshow during a meeting
B. Working from home instead of at the company's main office
Have a great day!
An example of is Working from home instead
Telecommuting is also known as Remote work
Telecommuting refers to the ability granted to an employee to work from remote place apart from the office.
The reason why Organization allows telecommuting are:
Its helps to improve employee efficiencyIts offers schedule flexibilityIts improved employee retention and attraction.In conclusion, the mode of getting work done have been increasing in recent time because its saves cost for both the employee and employer.
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Consider jasper’s balance sheet. what is the total value of jasper’s assets? what is the total value of jasper’s liabilities?
The entirety of your cash, the things you've bought, plus the money your clients owe you make up your assets. The total amount of money you owe creditors is your liabilities.
The whole value of the assets you own less the total amount of liabilities you owe equals your owner's equity, net worth, or capital.
Total liabilities are computed as the total of current liabilities and non-current liabilities, such as wages and interest due (e.g., long-term debt).
The total of all current and long-term liabilities from the balance sheet is known as the book value of total liabilities ($). Sales ($) = Income (including other income) from the Income Statement.
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Answer:
assets: $15,800
liabilities: $4,400
Explanation:
Woodrow Wilson's New Freedom a supported federal government ownership of railroads and utilities. b favored big business with accompanying federal regulation. c favored small enterprise, entrepreneurship, and the busting of monopolies. d was focused around working-class issues like unions and minimum-wage laws. e opposed banking and tariff reform.
Answer:
C.
Explanation:
Favored small enterprise
Gina has decided that she wants to be an auditor. What should she do in order to best prepare herself for this position?
A. Obtain experience in leadership and management
B. Gain a master of business administration degree
C. Gain a master of accountancy degree
D. Complete a one to two year supervised internship
Answer:obtain a bachelors degree in accounting
Explanation:
The steady growth line best supports which conclusion about the economy
represented in the graph?
The Business Cycle
Production output
h w
Time
A The economy never experiences significant periods of contraction
.
B. The economy does not display consistent patterns in its business
cycles
C. The economy improves steadily over several business cycleding
D. The economy has pronounced troughs but no clear peaks.
Answer is the letter C
The steady growth line indicates that the economy improves steadily over several business cycles.
Business cycle refers to the period whereby there is growth and decline in the economy of a nation and this can be measured through the gross domestic product of such economy.The four stages in the business cycle are the expansion, the peak period, the contraction period and the trough period. In the expansion period, there a relatively rapid growth.Based on the graph given, the steady growth lines shows that there was a steady improvement in the economy improves over the business cycles.In conclusion, the correct option is C.
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why having business is important?
which statement is true of the commercial service of the u.s. department of commerce? multiple choice it focuses on large businesses. it offers u.s. firms a unique global network. it offers u.s. firms practical knowledge of national markets and industries. it doesn't use information technology. it is a local business solutions unit.
The Commercial Service of the U.S. Department of Commerce offers U.S. firms a unique global network. Hence, b) option is correct.
What is United States Commercial Service?
The International Trade Administration of the U.S. Department of Commerce has a division dedicated to trade promotion called the United States Commercial Service (CS). A branch of the U.S. Foreign Service, CS employs diplomats as its commercial officers. Thousands of American businesses export products and services worth billions of dollars each year with the assistance of the CS global network of trade specialists. There are CS trade specialists all around the United States as well as in more than 75 foreign embassies and consulates. The goal of CS is to develop and defend key global U.S. economic and commercial interests.
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Which of the following is one of the basic functions of government
accountants?
A) Government accountants file tax returns for government agencies.
B) Government accountants purchase equipment for Congress.
C) Government accountants keep track of how government agencies use taxpayers money.
D) Government accountants create businesses laws and regulations.
Answer: A) Government accountants file tax returns for the government agencies.
Answer:
D
Explanation:
A business plan is a tool used by the federal government to determine how to strengthen the business sector through macroeconomics and microeconomics. True or false?.
False, because a business plan is a guide for what to do in the future. It serves as a roadmap or guide to help businesses focus and pursue success. Entrepreneur explains goals, steps and how a business can achieve success and create value.
For those of you who want to start a business, you should make a business plan carefully so that it has clear goals, whether in the short or long term. The reason is a business plan helps us to determine the right steps in a business. This starts from determining the market, seeking funding, estimating business income and expenses, and analyzing all risks that will occur along the course of the business.
Each stage that is passed must be processed with the right policy. In making policy, the business plan is one of the important supporting factors so that the target is not misdirected. So, broadly speaking, a business plan is a guide for you in running and developing a business, both personal and corporate.
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The allowance for doubtful accounts is a(n) (current/contra/opposite) asset account and has a normal credit balance.
Answer:
contra
Explanation:
because its true
با ما
Outline two reasons why a business such as AEC could not be
Successful without other firms providing natural resources
Answer:
Because of product's use of natural resources in its input (1) and dependence on the supply chain system of other companies.
Explanation:
The reason is that all of the companies rely on natural resources that the companies are processing and making it available for the other companies to utilize it to control its cost and complete the production of the products. The energy is a natural resource which every company utilizes and due to this its production is largely dependent on the firms that are processing natural resources to make it available for companies to utilize it.
The next most important thing is supply chain system of natural resource companies that helps the companies like AEC and even an individual to make the use of these natural resources in an efficient and effective manner. If I don't have access to fuel, then I cann't travel and traveling by using horses would be expensive and time consuming. So supply chain system of the other businesses play key role here.
Prepare the correcting entry.
The purchase of 1200 of office equipment with a three year useful life was debited to office supplies
AWARDING BRAINLYIST TO CORRECT ANSWER!!!!!!!!!!!!!!!!!!!!!!!!!!!
Joshua wants to be a lawyer. He found the following table on the Bureau of Labor Statistics’ website to find out about the employment projections 2022. Review the table. Then, answer the question below.
What conclusion can Joshua draw from this table?
A.
There are very few lawyers in the country.
B.
He could make more money working in marketing instead.
C.
There is an increasing need for lawyers, so it is a good career option.
D.
He will probably have a lot of student loans after he graduates.
E.
Lawyers are needed to work for the government and private firms.
Answer:
Explanation:
A) wrong. You call 3/4 of a million not very many? Let's see what the other answers are.
B) We don't know anything about marketing from this table. Let's move on. This is likely not the best choice.
C) There is an increased need? We don't know that. What would we compare it to? An increase in population might account for the 10% increase in lawyers. I would say it's likely not C.
D) We don't know this either. Maybe, but he might anyway.
E) We don't know this either. They might be self employed.
So no answer appears obvious. We have to make a choice from answers we don't like.
Since all the others don't seem feasible, I guess C is the best answer, but don't be surprised if it is something like A
Answer:
The correct answer is C
Explanation:
i know this because I got it right
1. Job that helps you earn money to pay for college
Answer:
work - study
Explanation:
Answer:
work ..... study
Explanation:
Why do you only pay tax on a certain amount of income
Answer:
because it means that the more you earn, the more you pay. If your income equals or exceeds these amounts, you will need to file taxes. and that's why you have to pay certain amounts of taxes.
Explanation:
(sorry if you get it wrong)
Davis is planning to buy a bike. He has the full amount in his bank account. He does not want to pay any interest on his purchase. Which option(s) can Davis use when making the purchase
Answer:
C
Explanation:
what characteristic of niche sites makes the medium most appealing to marketers?
Marketers are drawn to niche websites because they provide an excellent platform for reaching a specific demographic audience, are less expensive, have higher engagement rates, and provide more relevant advertisements.
Niche sites have several characteristics that make the medium most appealing to marketers. They are ideal for advertisers who wish to reach a specific target audience or niche group.
The characteristics of niche sites that make them most appealing to marketers are discussed below:
1. Demographic targeting: Niche websites provide advertisers with an effective platform for reaching a specific demographic target audience. This implies that advertising campaigns can be tailored to the preferences and interests of a specific demographic, which will result in higher engagement rates.
2. Lower costs: Niche websites frequently have lower costs than general websites. Advertisers can optimize their spending by focusing their advertising efforts on niche sites. This will allow them to reach a smaller but more engaged audience at a lower cost.
3. Engagement: Niche websites have a more engaged and focused audience. Visitors to these websites are more likely to be interested in the topic and content of the website, and therefore more likely to click on an ad.
4. Relevance: The ads that appear on niche websites are often more relevant to the website's topic or content. This increases the likelihood that visitors to the site will find the advertisement useful, resulting in a higher click-through rate and better conversions.
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this equipment is expected to have a useful life of 6 years. at the end of the sixth year the working capital would be released for use elsewhere. the present value of all future opertaing cash inflows is closest to
The present value for all the future operating cash inflows must be closest to $452,300. Option (b)
The net amount of cash and cash equivalents coming into and going out of a business is referred to as cash flow. Money spent and money received reflect inflows and outflows, respectively.
Add your net income and non-cash expenses, then deduct your change in working capital and capital expenditures to arrive at free cash flow. Free Cash Flow is calculated as Net Income plus Non-Cash Expenses less the change in working capital minus capital expenditure.
Cash Flows
Year 0 =-$250,000 -$100,000 =-$350,000
Year 1-3 = $ 80,000
Year 4 = $ 80,000 -$40,000 =$40,000
Year 5 = $ 80,000
Year 6 = $ 80,000 + $ 90,000 +$100,000 =270,000
present value for operating cash inflows =$ 80,000/1.1 +$ 80,000/1.1^2 +$ 80,000/1.1^3 + $40,000/1.1^4 +$ 80,000/1.1^5 +270,000/1.1^6 =$428,350.36
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Correct Question:
(Ignore income taxes in this problem.) The Becker Company is interested in buying a piece of equipment that it needs. The following data have been assembled concerning this equipment:
Cost of required equipmwnt.......$250,000
Working capital required........... $100,000
Annual operating cash flow........ $ 80,000
Cash repair at end of 4 years .... $40,000
Salvage value at end of 6 years... $90,000
This equipment is expected to have a useful life of 6 years. At the end of the sixth year the working capital would be released for use elsewhere. The company's discount rate is 10%.
The present value of all future operating cash inflows is closest to _____.
Learning curve indicates that the improvements follow a predictable pattern each time the production output doublesa. Trueb. false
The given statement "Learning curve indicates that the improvements follow a predictable pattern each time the production output doubles" is true because learning curve theory is based on the idea that as a person or organization performs a task repeatedly, the time required to perform that task decreases at a predictable rate.
This rate of improvement is represented by a learning curve, which typically has a logarithmic shape. The learning curve concept is commonly used in business and industry to estimate the amount of time, labor, and cost required to produce a product or service as output increases. As production output doubles, the learning curve predicts that there will be a proportional decrease in the time and cost required to produce each unit.
However, it is important to note that the learning curve is not a guarantee of success or an absolute rule. There may be factors such as changes in the production process, technology, or materials that could cause the rate of improvement to deviate from the predicted learning curve. Additionally, the learning curve does not account for external factors such as changes in demand, competition, or market conditions.
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What benefits might citizens of a Centrally Planned economy derive from a move toward a marked based system?
Citizens in a Centrally Planned Economy benefit from a shift toward a marked-based system. Higher economic growth, Increased access to products and services, More freedom and choice.
1. Higher economic growth: Transitioning to a market-based economy promotes competitiveness and efficiency, which can lead to increased economic growth.
2. Increased access to products and services: As the economy shifts toward a market-based system, residents will have more access to a broader range of goods and services, including imported commodities.
3. More freedom and choice: In a market-based economy, individuals have greater flexibility to pick whatever products and services they wish to buy, as well as more freedom to engage in a variety of economic activities.
4. Improved entrepreneurial incentives: A market-based economy may give incentives for entrepreneurs to innovate and produce new goods and services, resulting in increased economic growth and development.
5. More effective resource allocation: A market-based system supports efficient resource allocation since prices represent the real worth of commodities and services in the economy. This has the potential to boost economic efficiency.
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Role o vision, mission,and objectives in entreprenial development in Nigeria businesses? Pls describe
Answer:
Developing a vision and mission statement is crucial to the success of community initiatives. These statements explain your group's aspirations in a concise manner, help your organization focus on what is really important, and provide a basis for developing other aspects of your strategic plan
Explanation:
it help u
what is the best tool for making a decorative zucchini or celery twist?
The best tool for making a decorative zucchini or celery twist is a vegetable peeler or a mandoline slicer.
These tools allow you to create thin, even slices of vegetables that can be easily twisted into decorative shapes.
To make a decorative zucchini or celery twist, follow these steps:
Start by selecting a fresh zucchini or celery stalk. Wash and dry it thoroughly.
If using a vegetable peeler, hold the zucchini or celery firmly and run the peeler along the length of the vegetable to create long, thin slices. Rotate the vegetable as you peel to ensure even slices.
If using a mandoline slicer, adjust the blade to the desired thickness and carefully slide the zucchini or celery across the slicer to create uniform slices.
Once you have the slices, take one slice and gently twist it into a spiral or helix shape. You can twist it tightly for a compact shape or loosely for a more open design. Repeat the process with additional slices.
If using zucchini, you can blanch the slices in boiling water for a few seconds to soften them slightly and make them more pliable for twisting.
Use the decorative twists to garnish salads, vegetable platters, or main dishes. They can add an elegant touch to your presentation and enhance the visual appeal of your dishes.
Remember to handle the vegetable peeler or mandoline slicer with care to avoid any accidents or injuries. Always follow the manufacturer's instructions and exercise caution when using sharp kitchen tools.
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