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Exam (elaborations)

LSU ACCT 3222 - Chapter 14 Final Exam – Questions – With Complete Solutions

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an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 3 categories of the likelihood of loss correct answer: 1. Probably 2. Reasonably possible 3. Remote What is the accounting treatment for loss contingencies if probable and reasonably estimated? correct answer: record an adjusting entry to accrue the loss and disclose in FS notes What is the accounting treatment for loss contingencies if reasonably possible (50/50 chance)? correct answer: disclose only What is the accounting treatment for loss contingencies if remote? correct answer: do nothing (usually still do a blanket disclosure in notes) What is the strongest audit procedure for contingent liabilities? And what assertion does it cover? When is it sent? correct answer: obtain legal letter - the existence of uncertainties arising from litigation, claims, and assessments

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  • lsu acct 3222 chapter 14 final exam – questions – with complete solutions
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