
Flashcard- Chapter 11
Flashcard
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Business
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University
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Practice Problem
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Medium
Qing Kovarik
Used 1+ times
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10 questions
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1.
FLASHCARD QUESTION
Front
When is a contingent liability recorded and disclosed by debiting an expense and crediting a liability?
Back
If a contingent liability is probable and the amount can be reasonably estimated
2.
FLASHCARD QUESTION
Front
What happens to a contingent liability that is probable but not estimable?
Back
It is disclosed in the notes to the financial statements.
3.
FLASHCARD QUESTION
Front
How is a contingent liability that is reasonably possible?
Back
It is disclosed in the notes to the financial statements.
4.
FLASHCARD QUESTION
Front
What is the treatment for a contingent liability whose occurrence is remote?
Back
No disclosure needs to be made in the notes to the financial statements.
5.
FLASHCARD QUESTION
Front
How is working capital calculated?
Back
current assets - current liabilities.
6.
FLASHCARD QUESTION
Front
What is the formula for current ratios?
Back
current assets / current liabilities
7.
FLASHCARD QUESTION
Front
How are quick ratios calculated?
Back
quick assets / current liabilities.
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