FINANCIAL ACCT.-PRINT COMP.(LL)W/2 CODE
10th Edition
ISBN: 9781119346692
Author: Weygandt
Publisher: WILEY
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Question
Chapter K, Problem 1Q
To determine
Other significant liabilities
Other significant liabilities are liabilities other than current and long-term liabilities. These liabilities have a significant impact on the future
To Describe: The
Expert Solution & Answer
Explanation of Solution
The contingent liability is not treated as a liability of the company on the date of the balance sheet but it may become liabilities in the future date on the happening of an ambiguous event. Warranty liability is an example of contingent liability.
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Chapter K Solutions
FINANCIAL ACCT.-PRINT COMP.(LL)W/2 CODE
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