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 warranty b) Unearned revenue c) GST payable
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 warranty b) Unearned revenue c) GST payable
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 11Q
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Question
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 warranty
-
b) Unearned revenue
-
c) GST payable
-
d) Allowance for doubtful debts
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e) A disputable lawsuit
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