Which of the following is usually not an accrued liability? Select one: a. Notes payable b. Taxes payable O C. The answer does not exist d. Wages payable e. Interest payable

Q: What is meant by contingent Liability? How is it shown in final accounts?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: A present obligation that is probable and for which the amount can be reliably estimated should…

A: The estimated expenses are the expenses which can be valued on the basis of past experiences or…

Q: How are contingent liabilities accounting for? a) In your own word, what is a contingent liability?…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: _______________________ accounts is a liability

A: Accounts receivables are the items acquired on credit from vendors that have not yet been paid for.…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: Which of the following is not a typical example of an accrued expense? Wages Taxes Depreciation…

A: Accrued expenses are considered as current liabilities in books of accounts. These are the…

Q: When should a contingent liability be recognized and reported on the financial statements?  A.…

A: Contingent liability: A liability can occur on future uncertain events.

Q: What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or…

A: Fortuitous events refers to the happening of event through accident or chance. In short, it is a…

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: Why is Unearned Revenue considered a liability?

A: Unearned revenue is the revenue that has not been earned yet but payment has been received from the…

Q: Failure to accrue interest expense results ina. an overstatement of net income and an understatement…

A: Amswer: a. an overstatement of net income and an understatement of liabilities.

Q: State the rules in case of the thing to be delivered is lost with the debtor's fault or without his…

A: When one party to a legally binding agreement fails to deliver according to the terms of the…

Q: A contingent liability: O Is always of a specific amount Is a potential obligation that depends on a…

A: Solution: A contingent liability is a liability that may occur depending on the outcome of an…

Q: An estimated liability is an obligation which is uncertain as to: *   A. NO - amount; YES -…

A: Liability means the amount which is to be paid to an outsider by business.Generally liabilities have…

Q: Which of the following modification of terms will not qualif, for derecognition of financial…

A: Solution Concept Derecognition of financial liability A financial liability is derecognized when the…

Q: Knowledge Check 01 Which of the following describes the criteria that must be met for a contingent…

A:

Q: Which of the following statements is false?a. A contingent liability should be disclosed in the…

A: A contingent liability is a liability which occurrence is depending on the outcome of a uncertain…

Q: The following are all Liability Accounts except: A. Taxes Payable, Withholding Payables, B. Salary…

A: In the given case all the taxes Payable, Withholding payable and the benefits payable are the…

Q: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…

A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…

Q: 9. For a liability to exist, a past transaction or event must have occurred. the exact amount must…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following accounts should normally be classified as a current liability? Multiple…

A: Current Liability are amount payable by the company with in 12 month.

Q: measuring and recognizing impairment loss on receivables?

A: A is correct because the analysis of past experience gives the estimate of impairment loss on…

Q: 1. Which of the following is not an essential characteristic of a liability? * a. It is a present…

A: Liabilities may he defined as existing obligations which a business enterprise intends to meet in…

Q: How does unearned revenue arise? Why can it be classifiedproperly as a current liability? Give…

A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…

Q: Which of the following is incorrect? A.To qualify as a liability, an obligation must be payable in…

A: As per Generally Accepted Accounting Principles, liabilities refer to a present obligation that…

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: Which of the following transactions would not result in a temporary difference between pretax…

A: Correct option is D. Payment of premiums for life insurance

Q: e amount of warranty expense-

A: Warrant expense = Units of sales * Rate of repairs * Average cost of repairs per unit

Q: Which of the following is a characteristic of a current​ liability?   A. It is an avoidable…

A: Liabilities are classified into two types. 1. Current liabilities ; which are expected to be paid…

Q: For a liability to exist  a. There must be a past transaction or event b. The exact amount must be…

A: Solution: A liability is a present obligation as a result of past event that requires outflow of…

Q: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Q: Under what circumstances is a contingent liability reflected in the accounting records as though an…

A: Contingent liability: Liability that can occur in future depending on the outcome of an uncertain…

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: TRUE OR FALSE? (Based on the book.) The effect of a lender agreeing to give the borrowing entity a…

A: SOLUTION NON CURRENT LIABILITIES ARE THE COMPANY'S LONG TERM FINANCIAL DEBTS OR LIABILITIES THAT ARE…

Q: Which of the following accounts would be classified as a current liability on a classified balance…

A: Current liabilities are the amount that are payable by the business within 12 months period of time.…

Q: Account of a debtor must be written off as irrecoverable..what is a document of this transaction?

A: The transactions of the company will be analyzed by the management, and it will be recorded in…

Q: 34. The following statements are correct, except a. A liability will be reported at less than its…

A:

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

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: Suppose the analysis of a loss contingency indicates that an obligation is not probable. What…

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: Which are the total interest expense in the statement of profit or loss?

A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…

Q: Define contingent liability. What is the criteria to determine whether or not to report the…

A: Liability means the obligation to pay to the other parties by transferring the economic benefits…

Q: whats the difference between an expense and liability according to accounting?

A: Accounting: Accounting is defined as recording, summarizing and classifying the financial…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.