Which of the following liabilities would be considered nonrecourse?

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: What is meant by contingent Liability? How is it shown in final accounts?

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

Q: What are the three main characteristics of liabilities?

A: Liability:   A liability is a legal financial obligation of a company to outside entities. It is a…

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

Q: According to IAS 1, what are the classification of liabilities? O Current, noncurrent, estimated and…

A: Answer -   According to IAS 1 - Liabilities are basically classified as Current and Non Current…

Q: Under what conditions should a contingent liability berecorded?

A:

Q: Which of the options is an example of liability?

A: Liability is something a company  or person owes, usually a sum of money.  It denotes an obligation…

Q: Explain Options to Report Liabilities at Fair Value.

A: Introduction FASB introduces Fair Value Options to report assets and liabilities in fair value,…

Q: what conditions are not necessary to exclude a short term obligation from current liabilities?

A: Current liabilities: It refers to short term financial obligations that are to be discharged within…

Q: Under what conditions should a short-term obligation beexcluded from current liabilities?

A: Current liabilities: The debt obligations owed by a company to creditors and suppliers and are to be…

Q: Explain the characteristics of  liabilities.

A: Liabilities:   It refers to the debts owed by the business for outside entities as a result of…

Q: How contract is discharged by subsequent impossibility?

A: Discharge of agreement or contract implies the end of the authoritative connection between the…

Q: Which of the following modification of terms will not qualif, for derecognition of financial…

A: Solution Concept Derecognition of financial liability A financial liability is derecognized when the…

Q: what is the difference between unsecured and secured transactions in terms of default

A: These types of transactions are based on the creditworthiness. These are loan or other credit…

Q: What is a current liability?

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

Q: What is a contingent liability?

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

Q: What is the difference between equity of redemption and statutory redemption?

A: The difference between equity of redemption and statutory redemption are:

Q: istinguish between current and long-term liabilities

A: Current Liabilities: Current liabilities also known as short term liabilities. The liabilities which…

Q: Liabilities are

A: Balance sheet includes the assets, liabilities and stockholders' equity of the company that…

Q: Describe the obligations of long term liabilities.

A: Long-term liabilities: Long-term liabilities are obligations that the company needs to pay after at…

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: Define spontaneous liabilities

A: Liabilities are the money owed by the company to outsiders. These liabilities can be classified as…

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: How is internal control applied to liabilities?

A: It is often seen that frauds, employees thefts, and manipulation of records incur in the…

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: how is it possible that the avoidable interest can exceed the actual interest

A: Interest Cost: The cost charged on the borrowings financed by the lender to the company is known as…

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: What guidance does the Codification provide on the classification of current liabilities?

A: Current liability is a liability which is to be paid in next 12 months

Q: 1. What should be reported as total current liabilities? 2. What amount should be reported as total…

A: Current liabilities- Current liabilities are obligations to be paid in one year. These are given on…

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: 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: What is the relationship between provisions, onerous contracts, contingent liabilities and other…

A: The book in which the company records all its transactions initially is termed as journal book. From…

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: How do U.S. GAAP and IFRS differ in their use of present values when measuring contingent…

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

Q: What are the three important questions concerning the uncertainty of liabilities?

A:

Q: Describe how the matching principle applies to contingent liabilities (hint: warranties).

A: Introduction:- Contingent liability may or may not occurred in the future. Matching principles…

Q: Explain the difference between monetary and nonmonetary assets and liabilities.

A:

Q: What is a promissory note? What are its benefits?

A: Promissory note:A promissory note is a legal financial instrument that has a written promise between…

Q: Explain Contingent Liabilities.

A: Contingent liabilities are the liabilities of the company but they can not be classified as current…

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.