Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 13, Problem 13.23Q
After the end of the reporting period, a contingency comes into existence. Under what circumstances, if any, should the contingency be reported in the financial statements for the period ended?
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Chapter 13 Solutions
Intermediate Accounting, 10 Ed
Ch. 13 - What are the essential characteristics of...Ch. 13 - Prob. 13.2QCh. 13 - Bronson Distributors owes a supplier 100,000 on...Ch. 13 - Bank loans often are arranged under existing lines...Ch. 13 - Prob. 13.5QCh. 13 - Prob. 13.6QCh. 13 - Salaries of 5,000 have been earned by employees by...Ch. 13 - Prob. 13.8QCh. 13 - Prob. 13.9QCh. 13 - Prob. 13.10Q
Ch. 13 - Prob. 13.11QCh. 13 - Prob. 13.12QCh. 13 - Long-term obligations usually are reclassified and...Ch. 13 - How do IFRS and U.S. GAAP differ with respect to...Ch. 13 - Prob. 13.15QCh. 13 - Prob. 13.16QCh. 13 - Prob. 13.17QCh. 13 - Prob. 13.18QCh. 13 - Suppose the analysis of a loss contingency...Ch. 13 - Prob. 13.20QCh. 13 - Distinguish between the accounting treatment of a...Ch. 13 - At December 31, the end of the reporting period,...Ch. 13 - After the end of the reporting period, a...Ch. 13 - Prob. 13.24QCh. 13 - Prob. 13.25QCh. 13 - Prob. 13.26QCh. 13 - Prob. 13.27QCh. 13 - Prob. 13.28QCh. 13 - Bank loan; accrued interest LO132 On October 1,...Ch. 13 - Non-interest-bearing note; accrued interest LO132...Ch. 13 - Determining accrued interest LO132 On July1,...Ch. 13 - Commercial paper LO132 Branch Corporation issued...Ch. 13 - Non-interest-bearing note; effective interest rate...Ch. 13 - Sales tax LO133 DuringDecember, Rainey Equipment...Ch. 13 - Prob. 13.12BECh. 13 - Prob. 13.13BECh. 13 - Contingency LO135, LO136 Skill Hardware is the...Ch. 13 - Contingency LO135, LO136 Bell International can...Ch. 13 - Prob. 13.16BECh. 13 - Prob. 13.17BECh. 13 - FASB codification research LO133, LO134, LO135...Ch. 13 - Current noncurrent classification of debt; Sprint...Ch. 13 - Prob. 13.12ECh. 13 - Prob. 13.14ECh. 13 - Extended warranties LO135, LO136 Carnes...Ch. 13 - Disclosures of liabilities Indicate (by letter)...Ch. 13 - Prob. 13.11PCh. 13 - Prob. 13.2DMPCh. 13 - Prob. 13.3DMPCh. 13 - Prob. 13.4DMPCh. 13 - Prob. 13.18DMPCh. 13 - Real World Case 1319 Contingencies LO135 Real...Ch. 13 - Prob. 1CCTCCh. 13 - Prob. 2CCTC
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- The subject matter of an attestation can be one of the following Except a. Financial statements or future projections b. Internal Control c. Risk Assessment d. Bookkeeping or Taxesarrow_forwardThe primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is toa. Evaluate internal control over securities.b. Determine the validity of prepaid interest expense.c. Ascertain the reasonableness of imputed interest.d. Detect unrecorded liabilities.arrow_forwardHow is the accounting treatment of an event that occurred on the date before the report was authorized for issue?arrow_forward
- The purpose of presenting comparative information in the transition to IFRS is: a. to ensure that the information is a faithful representation. b. to be in accordance with the Sarbanes-Oxley Act. c. to provide users of the financial statements with information on GAAP in one period and IFRS in the other period. d. to provide users of the financial statements with information on IFRS for at least two periods.arrow_forwardWhat is meant by the term unearned revenue? Where should an unearned revenue account appear in the financial state-ments? As the work is done, what happens to the balance of an unearned revenue account?arrow_forwardWhat is the relevance of preparing interim financial statements?arrow_forward
- Explain interim financial reporting.arrow_forwardExplain the mind the relation between the recognition of deferred revenue associated with advance payments and the later recognition of revenue.arrow_forwardWhich of the following is correct about contingent liabilities and provisions? The terms are interchangeable. A provision is based on an estimate while a contingent liability can be estimated reliably. A provision is disclosed in the statement of financial position while a contingent liability is disclosed in the notes. A contingent liability does not need to be disclosed in an entity's annual report.arrow_forward
- The primary objective of the matching principle is toa. Provide full disclosureb. Record expenses in the period that related revenues are recognizedc. Provide timely information to decision makersd. Promote comparability between financial statements of different periodsarrow_forwardA change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustmentarrow_forwardWhich fundamental characteristic of requires that financial statements are prepared in a similar way year after year? Select one: a. Faithful representation b. Understandability c. Comparability d. Relevancearrow_forward
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