Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 14 Aug 2017 My Price 5.00

Kirk Co

In March 2013, an explosion occurred at Kirk Co.'s plant, causing damage to area properties. By May 2013, no claims had yet been asserted against Kirk. However, Kirk's management and legal counsel concluded that it was reasonably possible that Kirk would be held responsible for negligence, and that $4,000,000 would be a reasonable estimate of the damages. Kirk's $5,000,000 comprehensive public liability policy contains a $400,000 deductible clause. In Kirk's December 31, 2012 financial statements, for which the auditor's fieldwork was completed in April 2013, how should this casualty be reported? A. As a note disclosing a possible liability of $4,000,000. B. As a note disclosing a possible liability of $400,000. C. No note disclosure of accrual is required for 2012 because the event occurred in 2013. D. As an accrued liability of $400,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Aug 2017 03:08 PM My Price 5.00

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