Which one of the following category unearned revenue belong to? a. Current liability b. Limited liability c. Contingent liability d. Lon-term liability

Q: true or false The net defined benefit liability/asset that is presented in the balance sheet is the…

A: True. Net defined benefit liability /asset is the difference between Present Value of Defined…

Q: 18-Which one of the following category unearned revenue belong to? a. Limited liability b. Lon-term…

A: The Unearned revenue is the revenue received in cash but not earned yet.

Q: measure a provision a. at fair value b. at cost c. at the best estimate of the amount required to…

A: Small manufacturing companies have a small investment with its lower scope of business activities.…

Q: resent obligation is not a contingent liability but shall be recognized as a provision when * a.…

A: Solution: Contingent liability is the liability which depends on the results of any future event…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

A:

Q: From page 8-4 of the VLN, which of the following contingent situations would the company have to…

A: Contingent  liability are reported on the financial statements and disclosed if they are probable…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: Which of the following is a characteristic of a current liability but not a long-term liability?…

A: A liability is an obligation that comes from transactions done in past and payable in assets or in…

Q: Which one of the following category unearned revenue belong to? a. Limited liability b. Current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty…

A: Accrued liabilities are costs that a business has incurred but not yet paid for. Interest…

Q: Why is Unearned Revenue considered a liability?

A: Unearned revenue is the revenue that has not been earned yet but payment has been received from the…

Q: Define the term contingent liability.

A:

Q: 6. A liability is recognized in the statement of comprehensive income when it is probable that an…

A: As per IASC framework, the liability is recognized in the financial statement when two conditions…

Q: A contingent liability: O Is always of a specific amount Is a potential obligation that depends on a…

A: Solution: A contingent liability is a liability that may occur depending on the outcome of an…

Q: Appropriations of retained earnings are proper     a. When required by contractual agreements b. All…

A: solution Appropriations of retained earnings are proper Correct answer is option c. When BOD…

Q: An estimated liability is an obligation which is uncertain as to: *   A. NO - amount; YES -…

A: Liability means the amount which is to be paid to an outsider by business.Generally liabilities have…

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: 81 Which of the following is correct? I.      Direct origination costs – added to principal II.…

A: Origination Fees: It is the fees charged by the bank against the borrower for the creation of loan.…

Q: Knowledge Check 01 Which of the following describes the criteria that must be met for a contingent…

A:

Q: Q1 (a) What attributes should an item or transaction exhibit in order to be classified as a…

A: Liability is an obligation which is to be paid at some future date. It is shown in the balance…

Q: How does unearned revenue arise? Why can it be classifiedproperly as a current liability? Give…

A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…

Q: A contingent liability should be recorded in the financial statements when the:   Select one: a.…

A: Contingent liability is the liability that arises on an event may or may not happen. It is recorded…

Q: TRUE OR FALSE 1. A liability can result from past, present or future events

A: Liabilities are the something that company owes to another party including creditors and investors…

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: Which one of the following category prepaid expenses belong to?

A: Current assets are the assets of the company that are expected to be consumed through standard…

Q: 1. What is a contingent liability? 2. What are the three potential accounting treatments for a…

A: 1) Contingent liability: This is an uncertain obligation which might be incurred on a future date as…

Q: 5- Which one of the following is a special type of liability? a. Deferred income taxes b. Salaries…

A: Liabilities refer to the obligation to pay those people from whom the company has borrowed the cash…

Q: Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity.…

A: Assets means resources that the business have. It may be tangible resources or intangible resources.…

Q: Under PFRS 15, what is the measurement of consignment sales revenue? a. realizable value of…

A: Consignment revenue: Consignment is a trade  contract   where  goods are left   in the custody  of…

Q: Which of the following accounts would be classified as a current liability on a classified balance…

A: Current liabilities are the amount that are payable by the business within 12 months period of time.…

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: 34. The following statements are correct, except a. A liability will be reported at less than its…

A:

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: Deferrals

A: Correct answer : D Outstanding Expenses.

Q: 1. Which of the following modification of terms will not qualify for derecognition of financial…

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

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages…

A: Following is the answer to the given question

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

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.