Skip to main content

Business Accounting Financial Accounting

Other significant liabilities Other significant liabilities are liabilities other than current and long-term liabilities. These liabilities have a significant impact on the future cash flows and financial position of the company. Contingent liabilities , lease liabilities and additional liabilities for employee fringe benefits are the examples of other significant liabilities. Fringe benefits Fringe benefits are an additional benefit received by an employee other than his/her wages. Life insurance coverage, health insurance, company car, pension plan benefits, paid absences-vacation pay; paid holidays and sick pay are the examples of fringe benefits. To Describe : The paid absences and how to account this.

Other significant liabilities Other significant liabilities are liabilities other than current and long-term liabilities. These liabilities have a significant impact on the future cash flows and financial position of the company. Contingent liabilities , lease liabilities and additional liabilities for employee fringe benefits are the examples of other significant liabilities. Fringe benefits Fringe benefits are an additional benefit received by an employee other than his/her wages. Life insurance coverage, health insurance, company car, pension plan benefits, paid absences-vacation pay; paid holidays and sick pay are the examples of fringe benefits. To Describe : The paid absences and how to account this.

Financial Accounting

Financial Accounting

10th Edition

ISBN: 9781119298229

Author: Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.

Publisher: WILEY

See similar textbooks

Question

Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter K, Problem 7Q

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 cash flows and financial position of the company. Contingent liabilities, lease liabilities and additional liabilities for employee fringe benefits are the examples of other significant liabilities.

Fringe benefits

Fringe benefits are an additional benefit received by an employee other than his/her wages. Life insurance coverage, health insurance, company car, pension plan benefits, paid absences-vacation pay; paid holidays and sick pay are the examples of fringe benefits.

To Describe: The paid absences and how to account this.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

Blurred answer

Chapter K, Problem 6Q

Chapter K, Problem 8Q

Chapter K Solutions

Financial Accounting

Ch. K - Prob. 1Q Ch. K - Prob. 2Q Ch. K - Prob. 3Q Ch. K - Prob. 4Q Ch. K - Prob. 5Q Ch. K - Prob. 6Q Ch. K - Prob. 7Q Ch. K - Prob. 8Q Ch. K - Prob. 9Q Ch. K - Prob. 10Q

Ch. K - Prob. 1BE Ch. K - Prob. 2BE Ch. K - Prob. 3BE Ch. K - Prob. 1E Ch. K - Prob. 2E Ch. K - Prob. 3E Ch. K - Prob. 4E Ch. K - Prob. 1P Ch. K - Prob. 2P

Knowledge Booster

Background pattern image

Recommended textbooks for you

FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education

Text book image

FINANCIAL ACCOUNTING

Accounting

ISBN:9781259964947

Author:Libby

Publisher:MCG

Text book image

Accounting

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:Cengage Learning,

Text book image

Accounting Information Systems

Accounting

ISBN:9781337619202

Author:Hall, James A.

Publisher:Cengage Learning,

Text book image

Horngren's Cost Accounting: A Managerial Emphasis...

Accounting

ISBN:9780134475585

Author:Srikant M. Datar, Madhav V. Rajan

Publisher:PEARSON

Text book image

Intermediate Accounting

Accounting

ISBN:9781259722660

Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:McGraw-Hill Education

Text book image

Financial and Managerial Accounting

Accounting

ISBN:9781259726705

Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:McGraw-Hill Education

SEE MORE TEXTBOOKS