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Author Question: TNT Gas Company is being investigated, following an explosion on one of their oil pipelines. They ... (Read 59 times)

rlane42

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on: Feb 18, 2020
TNT Gas Company is being investigated, following an explosion on one of their oil pipelines. They have multiple prior citations for safety violations, and this explosion killed several workers. The related damages are still unknown and cannot be reasonably estimated. What accounting treatment should TNT use for the investigation?
◦ Because the likelihood of the obligation occurring is reasonably possible, this should be disclosed in the footnotes.
◦ Because damages are still unknown, no action is necessary.
◦ Because the likelihood of the obligation occurring is probable, but the amount is unknown, this should be disclosed in the footnotes.
◦ Because the likelihood of the obligation occurring is remote, footnote disclosure is all that is required.
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by rlane42 on Feb 18, 2020

blakcmamba

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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rlane42

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Reply 2 on: Feb 18, 2020
Excellent

meow1234

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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