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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3Q: What is the difference between a noncurrent liability and a current liability?

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Which of the following is most likely to be regarded as an estimated liability that is subject to provision? a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liability
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
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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.
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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