Quiz 13.109 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology, subsequent events, unasserted claims, 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…
Match each phrase with its corresponding terminology, provision, mid-point of the range, etc…
Match each phrase with its corresponding terminology, disclosure note only, not reported, etc…
Identify the way each item in the list should be shown on the December 31, 2021 balance sheet.
A disclosure note must be included for material loss contingencies that have a reasonably possible chance of occurring.
Accrue liability for unasserted claims if reasonably possible to be asserted.