Accounting Discussion Questions

Nov 17th, 2014
Anonymous
Category:
Business Finance
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) Caleb S394
School: Rice University
PREMIUM TUTOR

Studypool has helped 1,244,100 students

Review from student
Anonymous
" The best tutor out there!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 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