Quiz 13.10 – T/F Condition for Accrual of Loss Contingency
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
The recognition of a loss contingency requires that the claim is made before the end of the accounting period.
The recognition of a loss contingency requires that the claim is made before the end of the accounting period.
What are some examples of actions that could result in employer liabilities related to payroll?
Match each phrase with its corresponding terminology, short-term note, warranty liability, etc…
Match each phrase with its corresponding terminology, sales tax payable, callable, etc…
Match each phrase with its corresponding terminology, noncommitted lines of credit, gain contingencies, etc…
Match each phrase with its corresponding terminology, subsequent events, unasserted claims, etc…
If it is reasonably possible that assets have been impaired and the potential loss amount can be reasonably estimated, a company must record a liability for a loss contingency.
Match each phrase with its corresponding terminology, noninterest-bearing notes, committed lines of credit, etc…
Match each phrase with its corresponding terminology, disclosure notes, commercial paper, etc…
Match each phrase with its corresponding terminology, accrue liability, disclosure note only, etc…