If the likelihood of loss is remote, disclosure usually is not required.
32. A contingent liability is recorded only if a loss is at least reasonably possible and the amount can be reasonably estimated.
33. The balance in the Warranty Liability account is always equal to Warranty Expense.
34. A gain contingency is an existing uncertain situation that might result in a gain, which often is the flip side of loss contingencies.
35. We record gain contingencies when the gain is probable and can be reasonably estimated.
36. A company is said to be liquid if it has sufficient cash to pay currently maturing debts.
37. The current ratio is calculated by dividing current liabilities by current assets.
38. The acid-test ratio, or quick ratio, is similar to the current ratio but is based on a more conservative measure of current assets available to pay current liabilities.
39. Quick assets include only cash, short-term investments, and accounts receivable.
40. A lower current ratio or acid-test ratio generally indicates a greater ability to pay current liabilities on a timely basis.
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