Accrued taxes payable are generally reported on the balance sheet as a current liability. True False

Q: portion of long-term debt should elect one: a. be reclassified as a current liability. b. be…

A: The liabilities can be classified as current or long term liabilities.

Q: Bad debts under the allowance method are A reserve created to meet expected next period expense. An…

A: To accurately answer the question about bad debts under the allowance method, we need to understand…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: Point out payroll relaetd liabilities from following :

A: A liability is a financial obligation to be paid in the future and is the result of a past event or…

Q: Examples of Current liabilities includes accounts payable, accruals and other short-term liabilities…

A: Current Liabilities are the liabilities (payments) that the company has to pay within a year. These…

Q: What are bad debts?

A: Hi Student Since there are multiple questions, we will answer only first question. If you want…

Q: Interest expense

A: Interest expense paid on a loan which has prescribed is deductible from gross income of the payor…

Q: 1. Define and briefly discuss a loss contingency.

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: 3. A liability created for receiving cash for future services to be provided is termec Oservice…

A: The accrual basis accounting records the revenue and expenses as soon as they are incurred…

Q: Which of the following is stated correctly? a.    Current liabilities follow non-current liabilities…

A: Definition:   Liability: Liability is an agreement made by a company to pay a certain amount for the…

Q: Accounts receivable are financial assets under the category Loans and Receivables that are measured…

A: Solution: As per IAS, Loans and receivables are financial assets that are measured at amortized…

Q: Describe the approches to estimates bad debts.

A: Definition:   Bad debt expense: Bad debt expense is an expense account. The amount of loss incurred…

Q: True or False 1. A cash dividend declared before the balance sheet date when the date of record is…

A: Deferred tax is a fictitious asset or liability that reflects corporate personal income tax on a…

Q: Define Allowance for Bad Debts

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: The discount allowed to a debtor for early payment is

A: Debtors :- Debtors are the person to whom goods and services are sold on credit.

Q: The most important non-cash item is a) Debt interest rate b) Income tax c) Dividend d) Depreciation

A: Answer

Q: The gain on early retire

A: Early retirement of bonds payable is where the bond holders are repaid before the maturity date.…

Q: Liabilities represent amounts owed to outsiders (creditors) expected to be received from customers…

A: The balance sheet represents the financial position of the business. It records the assets and…

Q: Is any special accounting treatment required for the assigning of accounts receivable in general as…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Which of the following is not a liability?a. Income taxes payableb. Accrued warranties payablec.…

A: Liability are the obligations which are to be paid in current period or in future.

Q: current liability?

A: Bonus obligations to employees is not current liabilities

Q: Amounts collected for third parties represent liabilities until remitted. Provide several examples…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: Please solve

A: The objective of the question is to identify the correct description of bad debts under the…

Q: Contingent liabilities are not recorded in the financial statements. True False

A: As per IAS 37, Provisions, contingent assets and contingent liabilities  A contingent liability is a…

Q: o methods of accounting for bad debts? Wh

A: 1.The direct write-off method 2. allowance method.   In the direct write-off method, an allowance…

Q: Explain the allowance method of accounting for bad debts.

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…

Q: Which of the following may be a current liability? Withheld Income Taxes Deposits Received from…

A: The liabilities are classified as current liabilities and long term liabilities.

Q: ________ is the interest earned on previously earned interest added to the principal.

A: Interest is the earned income on a given principal according to the given interest rate.

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.