Distinguish between a determinable current liability anda contingent liability. Give two examples of each type.

Q: Define Refund Liability.

A: Refund liability: When a company sells its products with a right of return to customers it has to…

Q: What's the difference between IFRS and US GAAP when it comes to the word "contingent liability"?

A: Contingencies - Existing Condition involving uncertainty that may result in possible gain (gain…

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: Define and explain the nature and concept of the current liability and non-current liability.…

A: Entity have two types of liability a short term liability and a long term liability . The difference…

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: Describe the Comprehensive General Liability Insurance?

A: Answer: Comprehensive general liability insurance is an old concept for general liability insurance,…

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: ente the liability sec

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

Q: Define the term contingent liability.

A:

Q: anticipated liability, which may or may not arise in future in known as a Current Liability b.…

A: ⇔Debts or obligations that must be paid within a year are referred to as current liabilities,…

Q: What is an estimated liability?

A: Estimated liabilities are liabilities which a company owes certainly but the amount of obligation…

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: What is a current liability?

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

Q: Define accrued liability

A: Accrued Liability is an expense that was incurred before the end of the current period but has not…

Q: What is a contingent liability?

A: Liabilities are legitimately restricting commitments that are payable to someone else. In accounting…

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

A:

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: What is Umbrella Excess Liability?

A: Umbrella Excess Liability policy refers to a liability insurance policy that safeguards the assets…

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: 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: 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: 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: Describe the terms of  Contingent Liabilities with examples.

A: Contingent liability: This is an uncertain obligation that might be incurred on a future date as a…

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

A:

Q: Analyse the concept of “Limited liability”

A: The shareholders of a company or the partners of a partnership have to initially put up some capital…

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: Which of the following sections of a commercial general liability policy contains information about…

A: Insurance is the process through which an individual or corporation is provided financial coverage…

Q: Define (a) a contingency and (b) a contingent liability

A: a. Contingency: Contingency refers to an uncertain situation in which the uncertain situation exists…

Q: When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably…

A: A contingent liability is the possible obligation which will only be confirmed by future event which…

Q: Under IFRS, a provision is the same as: a.   a contingent liability. b.   an estimated liability. c.…

A:

Q: What is the difference between the use of the term contingent liability in U.S. GAAP and IFRS?

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

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.