FINANCIAL ACCT-CONNECT
FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Chapter 9, Problem 2DQ
Summary Introduction

Introduction : A liability is a future payment of assets and services that has to pay in the future due to past transactions or events. This definition includes three elements namely, the first one is due to a past transaction or event, the second one is the company has a present obligation and the third one is for future payment of assets or services. No liability is entertained when one or more elements are missing.

To Discuss: The meaning of estimated liability.

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