Which of the following is most likely to be regarded as an estimated liability that is subject to provision?    a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liability

Q: portion of long-term debt should elect one: a. be reclassified as a current liability. b. be…

A: The liabilities can be classified as current or long term liabilities.

Q: 16. Liabilities whose amounts must be estimated are disclosed in financial statements by a.…

A: Liabilities whose amounts must be estimated are disclosed in financial statements by   a. including…

Q: b.bond payable c.two-year note payable

A: Current liabilities are a company's short-term financial commitments due within a year or during a…

Q: When the amount of a contingent liability cannot be reasonably estimated but its likelihood is…

A: There are three types of contingent liabilities and their treatment   SR. NO. TYPE TREATMENT…

Q: A contingent liability is an obligation that depends on the occurrence of a future event and that…

A: A contingent liability means a type of liability which probably occur depending on certain future…

Q: Which of the following should not be included in the current liability section of the balance sheet?…

A: The balance sheet is the statement of financial position of the business.

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of…

A: Liabilities that are recorded in the balance sheet are of two types they are -  Current liabilities.…

Q: Which of the following would be considered a long-term liability? a. interest payable b.…

A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle…

Q: long-term basis at the end of

A: Short-term obligation are those which mature within a period of one year. Long term obligations are…

Q: Of the following items, the only one which should not be classified as a current liability is…

A: Current Liabilities are those liabilities or obligations that needs to be settled or paid in short…

Q: Which of the following items is most likely a short-term liability? Select one: a. Finance lease…

A: Answer is option c) Accounts payable

Q: Which one of the following category unearned revenue belong to? a. Limited liability b. Current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty…

A: Accrued liabilities are costs that a business has incurred but not yet paid for. Interest…

Q: Determine the correct classification of the following liabilities: (1)      Liability with a due…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: TRUE OR FALSE? A financial liability that is due within one year after the reporting period shall be…

A: The current liability is to be settled or paid within one year and long-term liabilities are those…

Q: Long-term debt can be reported either (a) as a single amount, net of any discount or increased by…

A: Definition:   Long-term liabilities: The debts obligations owed by a company to creditors and…

Q: In a classified balance sheet, liabilities are separated into two categories based on a. The amount…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: A government’s MD&A states that government-wide net position decreased as a result of the issuance…

A: Net position: In simple term net position is a gap between Total asset and Total Liability. On…

Q: Which of the following is a charteristic of a current liability

A: Liability: Liability is the obligation of the company to pay which comes from a past activity done…

Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…

A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…

Q: Short-term obligations can be reported as noncurrent liabilities if the company (a) intends to…

A: There are two conditions in which short term obligations can be reported as non current liabilities…

Q: Which of the following is most likely to be classified and reported as current liability? a. Bond…

A: The liabilities that are payable within one year are classified as current liabilities. It includes…

Q: hich of the following best describes the accounting for assurance-type warranty costs?

A: Since an assurance-type warranty guarantees the functionality of a product, the warranty is not…

Q: The currently maturing portion of long-term debt should be classified as a current liability if the…

A: Answer: The currently maturing portion of long term debt should be classified as current liability…

Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…

A: Conntra liability account are those liabilities where the balance is debit balance.

Q: Rebate on bills discounted is A liability Actual income Income received in advance An accrued income

A: Statement of financial position or balance sheet is one of a financial statement which helps…

Q: Which of the following items is most likely a short-term liability?a. Deferred income taxesb.…

A: Short term liability means liabilities which are to paid in within next year or within the time of…

Q: One of the most effective ways to determine the overall reasonableness of interest bearing debt is…

A: On interest bearing debt, company is required to make payment of interest on debt.

Q: Determine the correct classification of the following liabilities:

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: Define the following items:   Unearned revenue Inventory Notes payable

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: Bond discount should be presented in the financial statements of the issue as a(n) Contra liability…

A: >Bond discount is recorded in the books of account as the difference between Face value of Bond…

Q: Which of the following alternatives represent the amount of non current liabilities in the statement…

A: Non-current liabilities are those liabilities which are also known as the long term liabilities…

Q: 5- Which one of the following is a special type of liability? a. Deferred income taxes b. Salaries…

A: Liabilities refer to the obligation to pay those people from whom the company has borrowed the cash…

Q: The current portion of long-term debt should a.be reclassified as a current liability b.be paid…

A: The liabilities which are payable within one year are considered but the liabilities having life…

Q: Is deferred liabilities are payroll related liability?

A: A conceded charge responsibility is a duty that is evaluated or is expected for the current time…

Q: amortized debt premium should be reported on the balance sheet of the insurer as a  Group of answer…

A: The bonds are issued at premium or discount to face value of bond. The issuer has to pay the premium…

Q: Which of the following is correct about contingent liabilities and provisions?     The terms are…

A:

Q: Short-term obligation refinanced on a long-term basis at the end of the reporting period is a…

A: A liability can be classified as either Current or Long term term liability. Current Liabilities…

Q: Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages…

A: Following is the answer to the given question

Q: 8. Which of the following is a current liability? a. Deferred tax liability b. An obligation for…

A: 8. According to IAS 1, the liabilities are to be classified as current if any one of four specified…

Q: Accrued taxes payable are generally reported on the balance sheet as a current liability. True…

A: WHAT ARE ACCRUED TAXES PAYABLE : ACCRUED TAXES PAYABLE ARE THE TAXES WHICH ARE ASSESSED…

Q: Which of the following should be classified as noncurrent liability? Unearned revenue Accrued…

A: >Non current liabilities are the liabilities that are to be repaid in long term, say, after 1…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.