What are the three elements of the definition for liabilities? List from the following items that are classified as liabilities and explain why, or why not, they are classified as liabilities: a) Provision for warranty b) Unearned revenue c) GST payable d) Allowance for doubtful debts e) A disputable lawsuit

Q: When should a contingent liability be recognized and reported on the financial statements?  A.…

A: Contingent liability: A liability can occur on future uncertain events.

Q: Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty…

A: Accrued liabilities are costs that a business has incurred but not yet paid for and recorded in the…

Q: The Standard IAS 37 sets the criteria for recognition and measurement of Provisions; Contingent…

A: Contingent liabilities are those  possible obligations whose existence shall be confirmed by the…

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: what accounts are used to record a contingent warranty liability that is probable and estimable but…

A: A provision or accrued liability is usually included in the financial statements for a contingent…

Q: Access the FASB Accounting Standards Codification at the FASB website…

A: Accrued Liabilities: Accrued liabilities are those expenses that are incurred but not yet paid.…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: Contingent liabilities that are reasonably possible are disclosed in the notes. True or False True…

A: Contingent liabilities are potential obligations that may arise from future events, and their…

Q: Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ) Required:…

A: Accrued Liabilities: Accrued liabilities are those expenses that are incurred but not yet paid.…

Q: Amounts collected for third parties represent liabilities until remitted. Provide several examples…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: Can you please describe contingent liabilities and how to account for and/or report

A: Contingent liabilities are defined as liabilities that occur in the future. These liabilities are…

Q: If problem is silent as to the terms of a Warranty Payable, will it be presented in the current…

A: Warranty Payable:-It is a liability for the company which means the company has to pay for repair…

Q: What accounting concept is reflected in recognizing  warranty liabilities as liabilities even when…

A: According to the accounting concept of conservatism, revenue is only recognized when there is a…

Q: Through financial reporting perspective, what are the liability three essential characteristics…

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

Q: Describe how the matching principle applies to contingent liabilities (hint: warranties).

A: Introduction:- Contingent liability may or may not occurred in the future. Matching principles…

Q: Which of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c.…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: Define contingent liability. What is the criteria to determine whether or not to report the…

A: Liability means the obligation to pay to the other parties by transferring the economic benefits…

Q: What accounts are used to record a contingent warranty liability that is probable and estimable…

A: Warranty is a form of assurance being provided by the seller to the buyer that if there will be any…