Heres your shot to win a $10 Amazon Gift Card! Be the first to get the following questions on the subject of FAR correct and you win the prize. No repeat winners, but we like to test everyones skills - so make sure to give it a shot. If you enjoy this, sign up for our email quiz here: ow.ly/EeBg7 Question 1: During 2004, a former employee of Dane Co. began a suit against Dane for wrongful termination in November 2003. After considering all of the facts, Danes legal counsel believes that the former employee will prevail and will probably receive damages between $1,000,000 and $1,500,000, with $1,300,000 being the most likely amount. Danes financial statements for the year ended December 31, 2003, will not be issued until February 2004. In its December 31, 2003, balance sheet, what amount should Dane report as a liability with respect to the suit? A. $ -0- B. $1,000,000 C. $1,300,000 D. $1,500,000 Question 2: Snelling Co. did not record an accrual for a contingent loss, but disclosed the nature of the contingency and the range of the possible loss. How likely is the loss? A. Remote. B. Reasonably possible. C. Probable. D. Certain. Good luck!
Posted on: Fri, 14 Nov 2014 12:40:15 +0000
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