Accounting Discussion Questions

Nov 17th, 2014
Price: $5 USD

Question description

Contingencies" Please respond to the following:

  • From the e-Activity, briefly discuss the type of contingencies that Coca Cola is involved in and the accounting treatment of such contingencies. Give your opinion on whether the notes to the financial statements disclose the necessary information on the contingencies for interested parties to make an investing decision. Based on the information disclosed, decide whether you would you invest in Coca Cola. Justify your rationale.
  • Suppose management is involved in a situation where the outcome of the situation is contingent upon certain events to occur; however, management is unsure of the generally accepted accounting principles for reporting contingencies. You are the senior accountant, and management has tasked you with preparing a report on contingencies. Distinguish between a gain contingency and a loss contingency, and highlight the accounting treatment for each type of contingency. Also, recommend two (2) improvements to the reporting requirements on loss contingencies to FASB.

Tutor Answer

(Top Tutor) Daniel C.
School: Duke University

Studypool has helped 1,244,100 students

Review from our student for this Answer

Nov 20th, 2014
"Thanks, good work"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors