menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Fundamental Accounting Principles
  4. Exam
    Exam 2: Current Liabilities
  5. Question
    Provisions Must Be Recorded If
Solved

Provisions Must Be Recorded If

Question 40

Question 40

Multiple Choice

Provisions must be recorded if


A) The future event is probable,and the amount can be reliably estimated.
B) The future event is unlikely.
C) The future event is probable,but the amount cannot be estimated.
D) The future event is unlikely,but the amount can be reliably estimated.
E) All of these answers are correct.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q35: Estimated liabilities can arise from<br>A)warranties.<br>B)property taxes.<br>C)income taxes.<br>D)employee

Q36: Employee vacation benefits<br>A)are estimated liabilities.<br>B)are contingent liabilities.<br>C)become

Q37: Amounts received in advance from a customer

Q38: Pending lawsuits<br>A)Are always considered estimated liabilities<br>B)Should always

Q39: Discuss how to account for contingent liabilities.

Q41: A note payable can be used to

Q42: The relevance principle requires that contingent assets

Q43: Explain the concept of interest.

Q44: Management can withhold any information regarding future

Q45: Known liabilities<br>A)have definite due dates.<br>B)are set by

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines