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NEW QUESTION: 1
A contingent asset is:
A. Not recognized under any circumstances.
B. Recognized when condemnation awards are probable or can be reliably estimated.
C. Recognized when disclosure in the notes to financial statements only could be misleading.
D. Recognized when damages to be awarded in a copyright infringement suit are highly probable.
Answer: A
Explanation:
A contingent asset is a possible asset arising from past asset and the existence of which will be confirmed only by uncertain future events not wholly within the entity's control. An example is a potential recovery on a legal claim with an uncertain outcome. A contingent asset is not recognized but should be disclosed if an inflow of economic benefits is probable. Disclosures include a description of the contingent asset and an estimate of its financial effects. A contingent asset is not recognized because the income may not be realized. However, if realization is virtually certain, the asset is not contingent and may be recognized.
NEW QUESTION: 2
A user wants to update TM1 data within a Microsoft Excel worksheet. What are the three ways to do this?
(Choose three.)
A. Select In-Spreadsheet Browser from within TM1 Perspectives.
B. Create an Active Form from within TM1 Cube Viewer.
C. Create an Excel Slice from within TM1 Cube Viewer.
D. Create a Snapshot from within TM1 Cube Viewer.
E. Create a Sandboxfrom within TM1 Cube Viewer.
Answer: A,B,C
NEW QUESTION: 3
All of the following statements about employment at-will are true except which one?
A. The employer may withdraw an offer of employment after the employee has accepted the position and resigned another job.
B. The employer may terminate the employee for cooperating with an SEC investigation.
C. The employee may resign at any time, with or without notice.
D. The employer may terminate the employee at any time for any reason.
Answer: B
Explanation:
Explanation/Reference:
Answer option B is correct.
The public-policy exception to the at-will doctrine prevents an employer from terminating an employee who is cooperating in a government investigation of wrongdoing. Options D and B are elements of at-will employment. Option C would also be allowed based on the at-will doctrine but could be affected by other common-law doctrines.
Chapter: Employee and Labor Relations
Objective: Review Questions