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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Before a liability can be reported, a company must know the identity of the recipient. True or false? Justify your answer.

To determine

State whether the given statement is true or false.

Explanation

The company need not to know the identity of the recipient before the time of settlement as long as the following three characteristics of a liability are met:

  1. 1. Liability  must involve a  present obligation that will be settled by the probable future sacrifice like transfer of  assets ,  provision of serv...

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