Which of the following regarding the recognition of contingencies is a correct statement? multiple choice if the estimated liability is a range in which no value is deemed more reliable than another – both ifrs and gaap will record the mid-point of the range as the value. ifrs uses the term contingent liability to include possible but unrecognized contingent obligations. u. s. gaap discloses contingent liabilities in the notes to the financial statements only for recognized contingent loss obligations. the threshold for recognition of a contingent obligation is the same under both gaap and ifrs.

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Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

One country has a comparative advantage over another country in the production of a good if ithas a curved production possibilities curve and the other country has a linear production possibilities curve.has lower fixed costs than the other country. has a linear production possibilities curve and the other country has a curved production possibilities curve.is a lower opportunity cost producer of the good.