3. Explain the current liability “Accrued and other current liabilities.”

Q: Describe the accounting for refund liabilities.

A: Liabilities:   The liabilities are the amount of money which a business has to pay to the outside…

Q: three primary types of current liabilities. What are they?

A: The current liabilities are obligations that are meant to be paid by the company within one year.

Q: What three factors influence the dollar amount reportedfor liabilities?

A: Balance sheet have the dollar amount of liabilities, equity and assets of an entity. Liabilities are…

Q: equired How much is the total current liabilities and non-current liabilities?

A: The current liabilities are due and payable within one year and non- current liabilities are due and…

Q: What are the two categories of liabilities reported on the balance sheet? Provide examples of each.

A:

Q: on-current Liabilities

A: The non current liabilities as,

Q: total liabilities

A: A liability is an obligation that required outflow of economic benefits inorder to settle the same…

Q: What are Contingent Liabilities?  Give an example.  What are the factors that determine the reason…

A: A liability, the occurrence of which is uncertain that is it may or may not occur is known as a…

Q: What are the three main characteristics of liabilities?

A: Liability:   A liability is a legal financial obligation of a company to outside entities. It is a…

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

Q: According to IAS 1, what are the classification of liabilities? O Current, noncurrent, estimated and…

A: Answer -   According to IAS 1 - Liabilities are basically classified as Current and Non Current…

Q: Describe the nature, valuation, and reporting of current liabilities.

A: Current liabilities: The debt obligation owed by a company to creditors and suppliers and is to be…

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: What are accrued liabilities?

A: Accrued liabilities are the outstanding expenses which are due or incurred but not yet paid in cash.…

Q: Current liabilities are _____.

A: Current liabilities: Current liabilities include liabilities with maturity less than a year…

Q: Liabilities are generally classified on a statement of financial position as a. present liabilities…

A: Liability means the amount which is to be paid to an outsider by business.  It is the present…

Q: Define liabilities

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: Difference between current and long term liabilities?

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

Q: What distinguishes current liabilities from long-term liabilities?

A: Liabilities Liabilities are referred to as the obligations of the business towards the creditors for…

Q: Explain the characteristics of  liabilities.

A: Liabilities:   It refers to the debts owed by the business for outside entities as a result of…

Q: These are obligations which exist on balance sheet date although their amount is indefinite.  Is…

A: There are two types of event (1) Adjusting event (2) Non Adjusting event.   Adjusting event are…

Q: How are the terms “probable,” “reasonably possible,”and “remote” related to contingent liabilities?

A:

Q: On the balance sheet, liabilities are generally classified as a. current or long term b. legal or…

A: Current Liabilities Long term liabilities

Q: What amount should be reported as total noncurrent liabilities?

A: Answer: 1,620,00

Q: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…

A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…

Q: Describe the obligations of long term liabilities.

A: Long-term liabilities: Long-term liabilities are obligations that the company needs to pay after at…

Q: the classified balance sheet will show which liability subsections? A. current liabilities and…

A: Current liability: Amounts which are payable with in one year will be treated as current…

Q: Define current liabilities.

A:

Q: List four examples of interest-bearing liability accounts commonlyfound in balance sheets. What…

A: Liability:   A liability is the money owed by the business towards outside entities. Liabilities…

Q: e amount of warranty expense-

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

Q: What guidance does the Codification provide on the classification of current liabilities?

A: Current liability is a liability which is to be paid in next 12 months

Q: 1. What should be reported as total current liabilities? 2. What amount should be reported as total…

A: Current liabilities- Current liabilities are obligations to be paid in one year. These are given on…

Q: Give the examples of Accrued liabilities.

A: Accrued liabilities:   The accrued liabilities means that the amount will be paid in the future…

Q: - adjusted total current liabilities

A: Current liabilities are the obligations repayable within a year. It is a part of liabilities' side…

Q: Define liabilities and distinguish between current and long-term liabilities.

A: A liability is something a person or company owes, usually a sum of money. Liabilities are settled…

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: Assets: Liabilities: Equity:

A: Equity means total amount attributable to the shareholders. It includes common stock account and…

Q: Contingent liabilities that are probable and can be estimated are...

A: A contingent liability is an unforeseen obligation i.e. it has a potential risk that may occur in…

Q: On the balance sheet, liabilities are generally classified as O legal or nonlegal. probable or…

A: The balance sheet shows the financial position of the business. It consists of liabilities and…

Q: Explain Contingent Liabilities.

A: Contingent liabilities are the liabilities of the company but they can not be classified as current…