A contingent liability whose payment is generally probable

Q: What's the difference between IFRS and US GAAP when it comes to the word "contingent liability"?

A: Contingencies - Existing Condition involving uncertainty that may result in possible gain (gain…

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: A. It is probable that an outflow of economic benefits will be required to settle an obligation B.…

A: Option D

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: Which of the following would not be considered a general long term liability? Select one: a. Long…

A: Short term obligations are the obligations that have to be paid within a  year. whereas, long term…

Q: explain personal security exemption as one of the most commonly-litigated exemption.

A: The answer is stated below:

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: anticipated liability, which may or may not arise in future in known as a Current Liability b.…

A: ⇔Debts or obligations that must be paid within a year are referred to as current liabilities,…

Q: What is an estimated liability?

A: Estimated liabilities are liabilities which a company owes certainly but the amount of obligation…

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: the stakeholders position is not protected by a contract -unlike the provider of debt- how is it in…

A: Shareholders are the individuals who get ownership of the organization when they invest in their…

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: Discuss about the long term liability Vs short term liability?

A: SOLUTION- LIABILITY- ANY AMOUNT OR SUM A BUSINESS OR COMPANY IS OBLIGATED TO PAY TO ANY INDIVIDUAL,…

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:

Q: What is meant by unlimited liability?

A: Unlimited liability refers to the full legal responsibility that business owners and partners assume…

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.