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NEW QUESTION: 1
An entity is currently being sued by a customer. A reliable estimate can be made of the costs that would result from a ruling unfavorable to the entity, and the amount involved is material. The entity's managers, lawyers, and auditors agree that the likelihood of an unfavorable ruling is remote. This contingent liability:
A. Should be disclosed by an appropriation of retained earnings.
B. Should be disclosed in a note.
C. Should be disclosed as a parenthetical comment in the balance sheet.
D. Need not be disclosed.
Answer: D
Explanation:
A contingent liability includes a present obligation for which an outflow of resources embodying economic benefits is not probable. A contingent liability is not recognized but is disclosed unless the possibility of the outflow is remote.

NEW QUESTION: 2
Which is the transaction code with help with, you transfer the operational load as well as normal revenue accounting items to Revenue Accounting.
A. FP RAI TRANSF
B. _RAI_OL
C. FP_RAI_MON
Answer: A

NEW QUESTION: 3
An organization initiates a pilot project to introduce agile methodology for the successful delivery of projects.
What should the project manager do to share this project's knowledge and learning with wider organizational business groups?
A. Regularly meet with people across the organization to share the project's lessons learned and best practices
B. invite people from across the organization to attend daily stand ups
C. invite people from across the organization to attend retrospectives
D. Invite people from across the organization to attend the release meeting and project retrospectives
Answer: A