anticipated liability, which may or may not arise in future in known as a Current Liability b. Contingent Liability C Long Term Liability O d. Short Term Liabilit

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: 18-Which one of the following category unearned revenue belong to? a. Limited liability b. Lon-term…

A: The Unearned revenue is the revenue received in cash but not earned yet.

Q: Choose the correct statement below: A. Contingent liability is both probable and measurable. B. An…

A: The answer for the multiple choice question on choosing the correct statement and relevant…

Q: Distinguish between a current liability, such as accounts payable, and a provision.

A: Current liability:   Current liability refers to the debts of an organization. It is an obligation…

Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…

A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

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: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: Which of the following is most likely to be regarded as an estimated liability that is subject to…

A: Solution Concept Estimated liability that is subject to provision           It means that the amount…

Q: ente the liability sec

A: Here Montano Inc. issued bonds at 9% when the market interest rate was 7%.  Due…

Q: Which of the following is a characteristic of a current liability but not a long-term liability?…

A: A liability is an obligation that comes from transactions done in past and payable in assets or in…

Q: contingent liabilities? Which two conditions have to be met in der to report a contingent liability…

A: The foundation for determining investor returns and analyzing a company's financial structure is the…

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: Define current liabilities and list the typical liability categories included in this…

A: Current liability: Current liability is a debt that the companies need to pay the debts from…

Q: A contingent liability: O is only remotely possible. O cannot be estimated. O will result from a…

A: Contingent liability is a potential liability that may occur in future because of a past event or…

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: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…

A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…

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

A:

Q: What is a current liability? Provide some examples of current liabilities.

A:

Q: 1. Which of the following is an essential characteristic for an obligation to qualify as a…

A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: An account which would be classified as a current liability is

A: Dividend payable is a current liability but form of common stock is not a current liability.…

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: Discuss about the long term liability Vs short term liability?

A: SOLUTION- LIABILITY- ANY AMOUNT OR SUM A BUSINESS OR COMPANY IS OBLIGATED TO PAY TO ANY INDIVIDUAL,…

Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Q: A contingent liability whose payment is generally probable

A: Contingent liability is the liability that may or may not happen in the future based on an event.…

Q: The accrual of a contingent liability and the related loss should be recorded when the a. Loss…

A: Accrued liability are refer as when probability of occurrence of the loss contingency is probable…

Q: Differentiate between long term liability and short term liability?

A: First of all, let is understand what a liabilty is - Any amount or sum a business or company  is…

Q: TRUE OR FALSE 1. A liability can result from past, present or future events

A: Liabilities are the something that company owes to another party including creditors and investors…

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

A: Unearned revenue is a liability till the performance has been done by the supplier.

Q: What's the difference between current liability and long term liability ?

A: Liability: Liability is an obligation of the business to pay to the creditors in future for the…

Q: Distinguish between a current liability and a long-termdebt.

A:

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

A: Liabilities are reported in the balance sheet of the company.

Q: Contingent liabilities must be recorded if: O The future event is probable and the amount owed can…

A: Contingent liability is the liability that occurs which depends on the future event that may or may…

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

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.