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If problem is silent as to the terms of a Warranty Payable, will it be presented in the current liabilities, or the non-current liabilities section of the balance sheet?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10MC: What accounts are used to record a contingent warranty liability that is probable and estimable but...

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If problem is silent as to the terms of a Warranty Payable, will it be presented in the current liabilities, or the non-current liabilities section of the balance sheet?

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Why are warranty liabilities usually recognized on the balance sheet as liabilities even when they are uncertain?
what accounts are used to record a contingent warranty liability that is probable and estimable but has yet to be fulfilled
What accounts are used to record a contingent warranty liability that is probable and estimable buthas yet to be fulfilled?A. warranty liability and cashB. warranty expense and cashC. warranty liability and warranty expense, cashD. warranty expense and warranty liability
What accounting concept is reflected in recognizing warranty liabilities as liabilities even when they are uncertain?
If a problem is silent as to whether a warranty payable is short-term or long-term, will it be considered a short-term or a long term liability?
What are the three elements of the definition for liabilities? List from the following items that are classified as liabilities and explain why, or why not, they are classified as liabilities:a) Provision for warrantyb) Unearned revenuec) GST payabled) Allowance for doubtful debtse) A disputable lawsuit looking for expert's opinion
classified as liabilities and explain why, or why not, they are classified as liabilities:a) Provision for warrantyb) Unearned revenuec) GST payabled) Allowance for doubtful debtse) A disputable lawsuit
Warranty liability is an estimate based on past warranty claims. How might a company determine how much to accrue for warranty? Why might it change the accrual?
Describe how the matching principle applies to contingent liabilities (hint: warranties).
Describe the accounting treatment for an assurance-type warranty and for a service-type warranty.
How does the maturity date of a promissory note affect its accounting treatment?
Why is Accounts Payable classified as a current liability?