Loss contingencies are usually recognized in the income statements of the period when     a. realized b.the amount can be reasonably estimated c. occurrence is reasonably possible and the amount can be reasonable estimated d. occurrence is probable and the amount can be reasonably est

Which one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by management

Accumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding liability B. A reduction to the corresponding asset C. An increase in the corresponding liability D. An increase in the corresponding asset

Identify if the following financial inputs are relevant or irrelevant and motivate why you have classified it as such.  Interest expenses Depreciation