A the chance of the future event occurring is remote b

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Unformatted text preview: of income taxes a^ributable to the income earned during the year. e. The amount of income taxed payable as reported in a company's income tax return. PE 8 ­18 Con6ngent Liabili6es Which one of the following correctly describes the circumstances in which a con6ngent liability should be recognized as a liability in the financial statements? a. The chance of the future event occurring is remote. b. The chance of the future event occurring is possible. c. The chance of the future event occurring is probable. d. The chance of the future event occurring is slight. e. The chance of the future event occurring is more likely than not. PE 8 ­19 Capitalize versus expense Which one of the following statements is correct? a. When there is significant uncertainty about whether an expenditure should be capitalized or expensed, capitalize it. b. When there is significant uncertainty about whether an expenditure should be capita...
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