how payment or performance extinguishes an obligation.

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 is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

Q: Define the term Approval of payment requests?

A: The payment is an amount of money paid by the customer to the seller in exchange of goods and…

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: The ability to meet short term obligations is termed

A: A short-term liability is referred to as the financing obligation that being liable to an…

Q: What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or…

A: Fortuitous events refers to the happening of event through accident or chance. In short, it is a…

Q: A. It is probable that an outflow of economic benefits will be required to settle an obligation B.…

A: Option D

Q: State the rules in case the thing to be delivered deteriorates with the debtor's fault or without…

A: A debtor seems to be a person or corporation who promises to repay. The debtor is generally…

Q: Define contract assets.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Define the term contingent liability.

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: Describe Short-Term Obligations Are Expected to Be Refinanced.

A: Refinancing refers to the process where revival of interest rate, payment schedule and terms of…

Q: ontr

A: Definition of a Contract: A contract is a legally enforceable agreement. It might be a promise to do…

Q: Explain the term Voluntary Conveyance

A: Voluntary Conveyance: Voluntary conveyance is defined as an elective transmission of title from one…

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: Contingent liabilities are obligations that may or may not materialize

A: Contingent liabilities are obligations that may or may not materialize will be explained:

Q: 1. Which of the following is not an essential characteristic of a liability? * a. It is a present…

A: Liabilities may he defined as existing obligations which a business enterprise intends to meet in…

Q: What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or…

A: Fortuitous events are the events that are considered as the "act of God" because naturally, the act…

Q: Why do deferred liabilities arise? Explain your answer with suitable example.

A: Why do deferred liabilities arise? Explain your answer with suitable example.

Q: Why does Recognizee revenue when (or as) each performance obligation is satisfied,” is important?

A: Performance obligations are promises to transfer goods or services to a customer. In a transaction…

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

A: The Answer:

Q: What is a performance obligation? Under what conditionsdoes a performance obligation exist?

A:

Q: What is indentures?

A: An indenture is a legal contract that states the advantages and commitments of two or more parties…

Q: Liabilities are present obligation which represent O legal only O expected value O neither legal or…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Define what is an off-balance sheet activity? Also provide example of an off-balance sheet an…

A: Off-Balance sheet Activity means the assets or liabilities which are not reflected in the balance…

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: What is a performance obligation?

A: Definition: Performance obligation: Performance obligation is a promise to transfer goods or…

Q: Illustrate The Underwriting Process?

A: Underwriting is a process by which investment banks generate funds for the organization.

Q: Is a liability a debit or a credit?

A: Liability is an obligation for any business entity. It simply means that the entity has owed…

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: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: What characteristics make a good or service a performance obligation?

A: Performance obligation: Performance obligation is the promise made by the seller to supply the goods…

Q: What are the issues involved in determining if signing a bonus is an asset or an expense?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is meant byseparation of duties?

A: In every organization, separation of duties is one of the features which should be used for the…