Required: Briefly Explain the Authoritative Basis on Which the Costs/obligations for for Environmental

question 12

Essay

Required:
Briefly explain the authoritative basis on which the costs/obligations for environmental cleanup and product liability/tort claim matters were accrued in the financial statements.

---

Definitions:

Quantity

The amount or number of a material or immaterial thing not requiring a unit of measurement to be specified or identified.

Supply

The total amount of a specific good or service available for purchase at any given time.

Demand

The desire of purchasers to buy a certain good or service, combined with their ability and willingness to pay for it.

Price

The monetary value assigned to a product or service for purchase.