A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing. To Discuss: The meaning of estimated liability.

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Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

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Answer 2

Question

Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

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Answer 3

Question

Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

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Answer 4

Question

Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

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Answer 5

Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

Answer 6

Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

Answer 7

Chapter 9, Problem 2DQ

Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

Answer 8

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Answer 11

Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - Prob. 3DQ Ch. 9 - What is the combined amount (in percent) of the...Ch. 9 - What is the current Medicare tax rate? This rate...Ch. 9 - Prob. 6DQ Ch. 9 - Prob. 7DQ Ch. 9 - Prob. 8DQ Ch. 9 - Why are warranty liabilities usually recognized on...Ch. 9 - Prob. 10DQ

Solution Summary: The author explains the meaning of an estimated liability, which is a known obligation that can be estimated to some extent.

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