Define and explain the nature and concept of the current liability and non-current liability. Justify your answer with proper examples.

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

Q: Explain contributory negligence.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: State with reason whether the following statements are true or false Contingent liability is an…

A: Contingent liability can be defined as the liability that may occur on the basis of the outcome of…

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: How is present value related to the concept of a liability?

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

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

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Q: Which of the following best describes a contingent liability that is unlikely to occur?A. remoteB.…

A: Contingent liabilities are those liabilities that will occur on the basis of future events. These…

Q: Under what conditions should a contingent liability berecorded?

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Q: Which of the following is not considered as a characteristic of a liability?

A: The balance sheet comprises two-part, what the company owns (Assets) and what the company owes…

Q: Define a “liability” by listing its essential characteristics (not types of) as provided by our…

A: Liability :— It is a Financial obligation that is to be settled in the  future date.  Suppose an…

Q: Define the term contingent liability.

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Q: What distinguishes a current liability from a long-term liability?  Why is it so important to report…

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

Q: Are they any specific considerations  that must be taking into account when focusing on liability…

A: Liability: A liability is the amount of money that a company owes for the benefits enjoyed.…

Q: Q1 (a) What attributes should an item or transaction exhibit in order to be classified as a…

A: Liability is an obligation which is to be paid at some future date. It is shown in the balance…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: What factors must be considered in determining whether or not to record a liability for pending…

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Q: Distinguish a contigent liability from a provision.

A: Liabilities: It refers to the debt that company owes to someone. It can be short term or long term.

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: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: explain the principles of classical immunization strategy to meet a single liability obligation

A: Immunization is referred to as a strategy to mitigate the chance that matches the duration of asset…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: Discuss creation of principal and agency relationship. What is vicarious liability?

A: At the point when an individual connects with another to follow up for his sake it makes a connec…

Q: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: What is a Current Liability? Explain its Characteristics.

A: Current liability refers to the obligation of enterprise which are due within normal cycle of…

Q: If a contingent liability is probable but estimable only within a range, what amount, if any, should…

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

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

A:

Q: Which of the following would most likely be classified as a current liability?

A: It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or…

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: What is the difference between a current liability and a long-term liability?

A: Liabilities are the amount of money which a company raise from outside. The amounts can be raised…

Q: What is a contingent liability? Provide some examples of contingencies.

A: Explain the meaning of contingent liability and provide some examples: A contingent liability, as…

Q: Which of the following is also called a "liability waiver"? confidentiality clause noncompete…

A: An obligation or a liability is something an individual or organization owes, it usually includes…