Mae Mobley, the protagonist of Kathryn Stockett's novel "The Help," has come a long way since the events of the book. Set in the early 1960s in Jackson, Mississippi, the story follows Mae Mobley as she navigates the challenges of growing up in a racially divided society.
As a young child, Mae Mobley is fiercely independent and curious, constantly asking questions and seeking answers about the world around her. She is also fiercely loyal to those she loves, including her mother, Miss Skeeter, and her nanny, Aibileen. Despite the challenges she faces, Mae Mobley remains determined and resilient, ultimately emerging as a strong and confident young woman.
It is difficult to say exactly what Mae Mobley is doing now, as the novel is set in the past and the character is fictional. However, it is likely that Mae Mobley has continued to grow and evolve over the years. She may have gone on to attend college or pursue other interests, and may have even started a family of her own.
Regardless of what path Mae Mobley may have taken, it is clear that she has learned valuable lessons about friendship, loyalty, and standing up for what is right. These lessons will surely have served her well as she has navigated the ups and downs of life.
In conclusion, Mae Mobley has come a long way since the events of "The Help," and it is likely that she has continued to grow and thrive in the years since the novel was set. Though it is impossible to know exactly what Mae Mobley is doing now, it is clear that she has learned valuable lessons that have helped shape her into the strong and confident woman she has become.
Dummies helps everyone be more knowledgeable and confident in applying what they know. This could lead to the company receiving a tax refund. Prudence Principle Prudence is a key accounting concept that makes sure that assets and income are not overstated, and liabilities and expenses are not understated. Account Debit Credit Warranty Expense 000 Contingent Liabilities 000 The journal will increase the warranty expense on the income statement and contingent liability. Originally from South Florida, Alex has called New Orleans home since 2003. Identify resources An inventory of resources that the organization possesses and those that it can access should be prepared beforehand.
Draft a contingency plan The existence of different risks threatening the organization requires different plans. Incomplete plans or owner directed changes are the leading causes of dipping into an owner contingency fund. As another example, Armadillo Industries has been notified that a third party may begin legal proceedings against it, based on a situation involving environmental damage to a site once owned by Armadillo. Not surprisingly, many companies contend that future adverse effects from all loss contingencies are only reasonably possible so that no actual amounts are reported. They cover repairs or replacement if a product fails to work within a certain period of time.
Accounting for Contingencies & Environmental Liabilities
Other examples of gain contingencies include litigation that could lead the company to being paid a sum of money for damages, possible government contracts or regulations that would be favorable to the company if passed, and certain types of assets that could bring in money if sold. Incorporating Contingent Liabilities in a Financial Model Modeling contingent liabilities can be a tricky concept due to the level of subjectivity involved. In addition, its occurrence and the resulting effects will necessitate special or extraordinary measures to be implemented. It will ensure an optimized response from all concerned persons when the time comes. The company cannot record anything base on the uncertainty, we have to wait until the lawsuit is settled. Possible Actions for Mitigating Contingency Risks Contingencies in Project Management In project management, contingencies normally refer to cost, i. In applying this concept to contingencies, the truth almost always surfaces.
These memos should be specific and not weighed down with a lot of boilerplate language, including an excess of U. Examples of Contingencies As an example of a contingency, Armadillo Industries has been notified by the local zoning commission that it must remediate abandoned property on which chemicals had been stored in the past. This allows Kelly to keep her accounts conservative. The flowchart below provides an overview of the recognition criteria, taking into account information about subsequent events. David Kindness is a Certified Public Accountant CPA and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.
If the management cannot measure the amount reliably and likelihood, it is not required to record the liability. Any reported balance that fails this essential criterion is not allowed to remain. An insurance policy will cover losses incurred during and after the occurrence of a negative event. Examples of Contingencies In business and project management, contingency is often described as a cover financial or otherwise that insulates a commercial or non-commercial entity in the event of an unforeseen or uncertain occurrence. Her company used to produce a lot of hazardous waste, which they cleaned up. A loss contingency refers to a charge or expense to an entity for a potential probable future event. A contingent liability is recorded in the Why is a Contingent Liability Recorded? To help Kelly figure out how to account for the hazardous waste cleanup, let's look at the two main types of contingencies: gain contingencies and liability contingencies.
Full Disclosure Principle According to the full disclosure principle, all significant, relevant facts related to the financial performance and fundamentals of a company should be disclosed in the financial statements. Risk management is the name of the game in construction. Testing can reveal weaknesses or vulnerabilities in the plan and indicate where it needs improvement. Judicious use of a wide variety of techniques for the valuation of liabilities and risk weighting may be required in large companies with multiple lines of business. GAAP recognizes that contingencies are estimates, and if the estimate is based on all available information known and knowable at the time the estimate is made, changes in estimates are recognized prospectively.
If investors believe that the company is in such a solid financial situation that it can easily absorb any losses that may arise from the contingent liability, then they may choose to invest in the company even if it appears likely that the contingent liability becomes an actual liability. Gain contingencies may not be recognized in the financial statements per GAAP. IAS 37, Provisions, Contingent Liabilities and Contingent Assets, states that the amount recorded should be the best estimate of the expenditure that would be required to settle the present obligation at the balance sheet date. GAAP citations are typically a good idea, there is no need to recite an entire ASC topic in the memo. Identify key risks Identification of key risks that are likely to affect the organization is a crucial step. On the other hand, a contingency is an obligation of a company, which is dependent on the occurrence or non-occurrence of a future event. The first major type of contingency is gain contingencies, or things likely to happen in the future that will affect the bottom line of the business in a positive way.
Accounting for Contingency Assets and Contingent Liabilities
If there is a probable future outflow of economic benefits and the company can form a reliable estimate, then that amount must be recognized. A contingency is the chance occurrence that a future event is likely to cause a negative impact on an organization or person. Until the jury returns with a judgment and award, companies can seldom predict the outcome of litigation with enough certainty to meet the criteria for booking the accrual. The principle of conservatism rules here. Such amounts were not reported in good faith; officials have been grossly negligent in reporting the financial information.