1. Which of the following is an essential characteristic for an obligation to qualify as a liability?    a. The obligation should have a definite amount at the report date. b. The party to whom payment will be made should be especially identifiable at report date c. The obligation should be settled in cash. d. The obligation should arise from past transactions of the enterprise e. All of the choices

Q: A provision should be recognized when: O a. Present obligation from a past event, outflow that will…

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Q: definition and recognition criteria of liabilities

A: Liability is the obligation to be repaid or loss to be met in future.

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Q: Which of the following is a characteristic of a current liability but not a long-term liability?…

A: A liability is an obligation that comes from transactions done in past and payable in assets or in…

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.

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A: Option D

Q: Which of the following characteristic of a liability, if satisfied, would prompt the classification…

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Q: Which of these is not a current liability? A. Serial maturity of long-term obligations B. Payables…

A: Hi student Since there are multiple questions, we will answer only first question.

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Q: What makes product warranties considered as contingent liabilities? Also, what Generally Accepted…

A: Contingent Liability is a liabilty that may arise in outcome of future uncertain amount.

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A: Solution: A liability is a present obligation as a result of past event that requires outflow of…

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Q: Which of the following statement/s are incorrect? I. An enterprise should not recognize a contingent…

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A:

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A:

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A:

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Q: Which of the following should be classified as noncurrent liability? Unearned revenue Accrued…

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A: The balance sheet is the statement of financial position of the business.