Need correct answer Which of the following is a characteristic of acontingent liability?a) Certain to occurb) Amount can be exactly determinedc) Depends on a future eventd) Recorded as an expense immediately

Explanation of Contingent Liability:A contingent liability is a potential obligation that arises…

Answered: Which of the following is a…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 17DQ

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Which of the following would not be considered a general long term liability?Select one:a. Long term promissory notesb. Long term portion of judgementc. Unfunded compensated absencesd. Unfunded rent obligation
Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable c. Deferred income taxes d. Bond payable
The accrual of a contingent liability and the related loss should be recorded when the a. Loss resulting from a future event may be material in relation to income. b. Future event that gives rise to the liability is unusual in nature and nonrecurring. c. Amount of the loss resulting from the event is reasonably estimated and the occurrence of the loss is probable. d. Event that gives rise to the liability is unusual and its occurrence is probable.
Which of the following is usually not an accrued liability? Select one: a. Notes payable b. Taxes payable C. The answer does not exist d. Wages payable e. Interest payable Jump to...
Which of the following is most likely to be classified and reported as a current liability? a. Prepaid Expense b. Bond Payable c. Mortgage Payable d. Unearned Revenue O None of the above
Which of the following is least likely to be classified as a current liability? Select one: Accounts payable Income tax payable Bonds payable Unearned revenue
What is the difference between a noncurrent liability and a current liability?
Why is Accounts Payable classified as a current liability?
What is meant by contingent Liability? How is it shown in final accounts?
An obligation that is contingent on the occurrence of a future event should be reported in the statement of financial position as a liability if: a. The amount of the obligation can be reasonably estimated. b. The future event is likely to occur. c. The occurrence of the future event is at least reasonably possible and the amount is known d. The occurrence of the future event is probable and the amount can be reasonably estimated.
Distinguish between a current liability, such as accounts payable, and a provision.
Which of the following is a characteristic of a current liability? A. It is an avoidable obligation. B. It occurs because of a future transaction or event. C. It cannot be settled with services. D. It creates a present obligation for future payment of cash or services.

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Which of the following is a characteristic of a contingent liability? a) Certain to occur b) Amount can be exactly determined c) Depends on a future event d) Recorded as an expense immediately