A contingent liability whose payment is generally probable

Q: The ability to meet short term obligations is termed

A: A short-term liability is referred to as the financing obligation that being liable to an…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: Under what conditions should a contingent liability berecorded?

A:

Q: For most long-term liabilities, an important consideration is that they are properly authorized.…

A: The long term liability is reported as a long term because they covers many years and the majority…

Q: Which of the following would be considered a long-term liability? a. interest payable b.…

A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle…

Q: Explain Options to Report Liabilities at Fair Value.

A: Introduction FASB introduces Fair Value Options to report assets and liabilities in fair value,…

Q: How did you find the total liabilitys

A: Liability: It implies to the borrowings including long term and short term that represents the debt…

Q: Define current liabilities and list the typical liability categories included in this…

A: Current liability: Current liability is a debt that the companies need to pay the debts from…

Q: Fair Value (Liabilities) What is Fair Value for a liability? What would be an e.g? Please Explain.

A: The objective of this question is to understand the concept of 'Fair Value' in the context of a…

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

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: Distinguish between a warranty against infringements and a warranty of no interference.

A: INTRODUCTION: A warranty is a legal phrase that guarantees that a product is fit for its intended…

Q: What is a contingent liability?

A: Liabilities are legitimately restricting commitments that are payable to someone else. In accounting…

Q: What is Umbrella Excess Liability?

A: Umbrella Excess Liability policy refers to a liability insurance policy that safeguards the assets…

Q: Multiple Choice It is a liability account.

A: Answer : It is a liability account.

Q: Is limited liability the same as "no liability"?

A: the liability of the company is generated when the payment that is to be made by the company gets…

Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Q: Contingent liabilities are obligations that may or may not materialize

A: Contingent liabilities are obligations that may or may not materialize will be explained:

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.