Loss contingencies

Loss contingencies

The following three situations are related to: 1). The possible accumulation and 2). The possible disclosure of a loss contingency:

Situation I. After the date of the financial statements, but before their publication, a company enters into a contract that is likely to cause considerable losses. The amount of these losses can be reasonably calculated.

Situation II. A company offers a one-year warranty on the product it makes. A history of warranty claims has been compiled and it is possible to determine the probable amount in relation to a period’s sales.

Situation III. One company has adopted a self-insurance policy for losses that could result from injuries that company vehicles cause to others. The premium for an annual policy taken out with an insurance company that covers the same risk would cost $ 3,000. During the financial statement period, there were no accidents involving company vehicles that caused personal injury.

 

Instructions:

State the accumulation or type of disclosure required (if any) and the reason or reasons why such disclosure is appropriate in each of the three situations above.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic Guarantees
  • Free title page and bibliography
  • Free unlimited revisions
  • Plagiarism-free papers
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Progressive delivery
  • Plagiarism report
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double or single line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Writing quality papers is a TOP priority. One expert takes one order at a time.
The service package includes topic brainstorm, research, drafting, proofreading, plagiarism check, citation formatting, and revisions.

Money-back guarantee

We appreciate how valuable your time is. Hence, we make sure all custom papers are 100% original and delivered within the agreed time frame

Read more

Zero-plagiarism guarantee

Each paper is written from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

We see it as our duty to follow all instruction the client provides. If you feel the completed paper does not meet your exact requirements, we will revise the paper if you let us know about the problem within 14 business days from the date of delivery.

Read more

Privacy policy

Your email is safe, we use your personal data for legal purposes only and in accordance with personal data protection law. Your payment details are also secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

You can easily contact us with any question or issues you need to be addressed. Also, you have the opportunity to communicate directly with assigned writer, e-mail us, submit revision requests, chat with us online, or call our toll-free on our site. We are always available to our customers.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
-->