Amounts collected for third parties represent liabilities until remitted. Provide several examples of this kind of collection.

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: on-current Liabilities

A: The non current liabilities as,

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: What is done to record properly a transaction involvingthe issuance of a non-interest-bearing…

A: Bond: A bond is a debt instrument, which is repaid along with a specific rate of interest on…

Q: Examples of Current liabilities includes accounts payable, accruals and other short-term liabilities…

A: Current Liabilities are the liabilities (payments) that the company has to pay within a year. These…

Q: For most long-term liabilities, an important consideration is that they are properly authorized.…

A: The long term liability is reported as a long term because they covers many years and the majority…

Q: - Which of the following receivables is allocated for? A) Receivables from partners B) Receivables…

A: The correct option is  A) Receivables from partners

Q: The formal document that outlines the paym lender and the borrower is: the acceleration clause. O…

A: There is agreement between borrower and lender for payment of loan.

Q: What are accrued liabilities?

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

Q: Within the current liabilities section, how do you believethe accounts should be listed? Defend your…

A:

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: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: The discount allowed to a debtor for early payment is

A: Debtors :- Debtors are the person to whom goods and services are sold on credit.

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: Define promissory note. Who are the original parties to a promissory note?

A: A promissory note is a valid, financial instrument in which one party guarantees another to settle…

Q: Explain the difference between the legal powers and responsibilities of a reciever and liquidator

A: Receiver is the person who has a duty of manage the assets of a company during a law suit, whereas,…

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: A(n) is where the debtor delivers personal property to the creditor to secure the debt. (one word)

A: bailment represent a legal relationship where physical position of the person property transferred…

Q: What is the amount of the current liability related to this transaction?

A: Invoice raised for the sales made by the company = 4,000 batteries * $150  + 6% sales tax =…

Q: What are the audit procedures used to identify contingent liabilities?

A:

Q: Describe When Short-Term Obligations of liabilities Are Expected to Be Refinanced.

A: Short-term obligations are the current liabilities of an enterprise that is required to be fulfilled…

Q: How are liabilities classified? Why is it important to classify liabilities?

A: A liability is a present obligation of the enterprise arising from past events, the settlement of…

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: ccrued interest recomputed periodically individual who does not record interest transactions?

A: Interest expense : associate degree disbursal is that the value incurred by Associate in Nursing…

Q: The following are disclosed when there are related party transactions during the periods covered by…

A: Hi student Since there are multiple questions, we will answer only first question.  Full disclosure…

Q: gent liab

A: Contingent Liability A contingent liability is an obligation that may arise as a result of the…

Q: Give the examples of Accrued liabilities.

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

Q: What are current and noncurrent accounts among the following: - Deposit Liabilities - Bills…

A: Current liabilities are those Liabilities which are to be repaid within one year.. Any Liabilities…

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: Describe how the matching principle applies to contingent liabilities (hint: warranties).

A: Introduction:- Contingent liability may or may not occurred in the future. Matching principles…

Q: Example of liabilities include notes payable and taxes payable True False

A: Liabilities refer to the amount that is payable to the outside entity by the company as a result of…

Q: Provide an explanation of the circumstances under which assets and liabilities are de-registered.

A: This question deals with the circumstances under which assets and liabilities are de-registered.

Q: Which of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c.…

A: The question is multiple choice question Required  Choose the Correct Option.

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: What accounts are used to record a contingent warranty liability that is probable and estimable…

A: Warranty is a form of assurance being provided by the seller to the buyer that if there will be any…