Distinguish a contigent liability from a provision.

Q: what is the major difference and the major similarity between the vested benefit obligation and the…

A: Explain the similarities and the differences between Projected Benefit Obligation and Accumulated…

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

Q: What's the difference between IFRS and US GAAP when it comes to the word "contingent liability"?

A: Contingencies - Existing Condition involving uncertainty that may result in possible gain (gain…

Q: State with reason whether the following statements are true or false Contingent liability is an…

A: Contingent liability can be defined as the liability that may occur on the basis of the outcome of…

Q: Explain how the obligation for postretirement benefits is measured and how the obligation changes.

A: The answer for this question is given generally as each organisations can following their own…

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: Define and explain the nature and concept of the current liability and non-current liability.…

A: Entity have two types of liability a short term liability and a long term liability . The difference…

Q: How is present value related to the concept of a liability?

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: Describe the Rights of the Surety.

A: A surety is a person or entity that takes on the risk of another party defaulting on their debts or…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

A:

Q: Under what conditions should a contingent liability berecorded?

A:

Q: Which of the options is an example of liability?

A: Liability is something a company  or person owes, usually a sum of money.  It denotes an obligation…

Q: O a. Liability

A: Correct Answer :- Liability.

Q: Why would the existence of conditions subsequent and precedent affect the discharge of a contract?

A: A contract is an agreement between more than one person to perform the duties mentioned in the…

Q: Contrast the constructive receipt doctrine with the claim of right doctrine.

A: As per the constructive receipt doctrine, a tax payer is required to pay taxes on income even if the…

Q: Define a “liability” by listing its essential characteristics (not types of) as provided by our…

A: Liability :— It is a Financial obligation that is to be settled in the  future date.  Suppose an…

Q: what is limited liability?

A: SOLUTION- LIABILITY   IS A FINANCIAL OBLIGATION OF A COMPANY THAT RESULTS IN THE COMPANY'S FUTURE…

Q: Define the term contingent liability.

A:

Q: What is a contingent liability?

A: Liabilities are legitimately restricting commitments that are payable to someone else. In accounting…

Q: What is Umbrella Excess Liability?

A: Umbrella Excess Liability policy refers to a liability insurance policy that safeguards the assets…

Q: A contingent liability whose payment is generally probable

A: Contingent liability is the liability that may or may not happen in the future based on an event.…

Q: What us your understanding Joint Liability?

A: The answer is provided as follows:

Q: Differentiate between long term liability and short term liability?

A: First of all, let is understand what a liabilty is - Any amount or sum a business or company  is…

Q: What is Joint Liability?

A: The answer is provided as follows:

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: explain the principles of classical immunization strategy to meet a single liability obligation

A: Immunization is referred to as a strategy to mitigate the chance that matches the duration of asset…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: Give examples of obligations or contracts which are contrary to good custom.

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: What is a Current Liability? Explain its Characteristics.

A: Current liability refers to the obligation of enterprise which are due within normal cycle of…

Q: What are the definition criteria of an asset and a liability

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: Distinguish between a current liability and a long-termdebt.

A:

Q: Which of the following would most likely be classified as a current liability?

A: It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or…

Q: Analyse the concept of “Limited liability”

A: The shareholders of a company or the partners of a partnership have to initially put up some capital…

Q: Which of the following is most likely to be classified and reported as a current liability?

A: Liabilities are reported in the balance sheet of the company.

Q: Define (a) a contingency and (b) a contingent liability

A: a. Contingency: Contingency refers to an uncertain situation in which the uncertain situation exists…

Q: What is the difference between the use of the term contingent liability in U.S. GAAP and IFRS?

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: What is a contingent liability? Provide some examples of contingencies.

A: Explain the meaning of contingent liability and provide some examples: A contingent liability, as…

Q: Which of the following is also called a "liability waiver"? confidentiality clause noncompete…

A: An obligation or a liability is something an individual or organization owes, it usually includes…