what are the two basic requirements for the accrual of a loss contingency?
478139
Loss Contingencies Part a. The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Three of these concepts are the period of time assumption, the recognition principle, and the qualitative characteristic of verifiability.
617920
['Assets,', 'Liabilities,', 'Equities,', 'Revenues, and.', 'Expenses.']
1050995
['Share Subscription Letter: ... ', 'Board Meeting: ... ', 'Share Certificate(s): ... ', 'Deed of Adherence: ... ', 'Instrument of Transfer: ... ', 'Request for Payment of Interest or Dividends:c.']
1183437
['Actual Cash Value. The replacement cost of the item minus depreciation.', 'Agency. The legal principle that allows an individual or organization to represent another individual or organization. ... ', 'Agent. ... ', 'Claim. ... ', 'Commercial Insurance. ... ', 'Deductible. ... ', 'Endorsements. ... ', 'Indemnify.']
1141927
['Possession of the Collateral – this is generally mostly applicable to tangible assets;', 'Control of the Collateral – this is generally mostly applicable to financial assets; and.', 'Registration of the security interest on the PPS Register.']
1221845
The financial accounting term contingency is defined as an event with an uncertain outcome that can have a material effect on the balance sheet of a company. Gain and loss contingencies are noted on the company's balance sheet and income statement when they are both probable and reasonably estimated.
270406
['The home inspection/due diligence contingency clause. ... ', 'The financing/mortgage contingency clause. ... ', 'The appraisal contingency clause.']
1216358
A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings RS 18,000 as goodwill out of his share of RS 30,000. Pass necessary Journal entries to record this arrangement.
849616
["Total Assets = Liabilities + Owner's Equity.", "Assets = Liabilities + Owner's Equity + (Revenue – Expenses) – Draws.", 'Net Assets = Total Assets – Total Liabilities.', 'ROTA = Net Income / Total Assets.', 'RONA = Net Income / Fixed Assets + Net Working Capital.', 'Asset Turnover Ratio = Net Sales / Total Assets.']
610743
["Super guarantee shortfall amounts (the amount an employee was owed in super but wasn't paid);", 'Nominal interest on those amounts (currently 10%); and.', 'An administration fee ($20 per employee per quarter)']
427451
['Initial recordings.', 'Accrued wages.', 'Manual payments.']
45723
['With total assets of between P3 million and P350 million or total liabilities of between P3 million and P250 million;', 'That is not required to file financial statements under SRC Rule 68.1;']
68963
['Cost of establishing and termination of an entity. Whether you are planning a long-term expansion, or just testing a market you need to prepare and factor in both setting up and shutting down costs. ... ', 'Compliance risk. ... ', 'Business practices and cultural barriers. ... ', 'Managing international employees – HR and payroll obligations.']
1046544
['Net Working Capital = Current Assets – Current Liabilities.', 'Net Working Capital = Current Assets (less cash) – Current Liabilities (less debt)', 'NWC = Accounts Receivable + Inventory – Accounts Payable.']
1143847
['One party is mistaken as to a term of the contract, and would not have entered the contract but for this mistake.', 'The mistake is known or reasonably ought to be known to the other party.']
742896
['Issuance of stock to retire a debt.', 'Purchase of an asset by issuing stock, bonds or a note payable.', 'Exchange of non-cash assets.', 'Conversion of debt to common stock.']
197747
['Assets.', 'Liabilities.', 'Equity or net assets.', 'Investments by owners.', 'Distributions to owners.', 'Comprehensive income.', 'Revenues.', 'Expenses.']