Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages payable O d. Accrued expense

Q: on-current Liabilities

A: The non current liabilities as,

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…

A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: _______________________ accounts is a liability

A: Accounts receivables are the items acquired on credit from vendors that have not yet been paid for.…

Q: Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of…

A: Liabilities that are recorded in the balance sheet are of two types they are -  Current liabilities.…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…

A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…

Q: Interest payable is shown on the? A)income statement B)balance sheet as a long term liability…

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: accrued interest expense o

A: It is pertinent to note that under accrual concept of accounting transactions are recorded and when…

Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty…

A: Accrued liabilities are costs that a business has incurred but not yet paid for. Interest…

Q: Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset…

A: The balance sheet is the financial statement and has two sides as assets and liabilities.

Q: When a liability is paid, which account should be credited? A, Cash B.Accounts payable

A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…

Q: anticipated liability, which may or may not arise in future in known as a Current Liability b.…

A: ⇔Debts or obligations that must be paid within a year are referred to as current liabilities,…

Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…

A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…

Q: Knowledge Check 01 Which of the following describes the criteria that must be met for a contingent…

A:

Q: On the balance sheet, liabilities are generally classified as a. current or long term b. legal or…

A: Current Liabilities Long term liabilities

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…

A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…

Q: What is a current liability? Provide some examples of current liabilities.

A:

Q: An account which would be classified as a current liability is

A: Dividend payable is a current liability but form of common stock is not a current liability.…

Q: Is accrued interest an asset, liability or owner's equity?

A: Accrued interest refers to the amount of interest that is earned or incurred till the reporting…

Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…

A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: 3. Explain the current liability “Accrued and other current liabilities.”

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Which of the following accounts should normally be classified as a current liability? Multiple…

A: Current Liability are amount payable by the company with in 12 month.

Q: Define Accrued Interest Payable.

A:

Q: Rebate on bills discounted is A liability Actual income Income received in advance An accrued income

A: Statement of financial position or balance sheet is one of a financial statement which helps…

Q: e amount of warranty expense-

A: Warrant expense = Units of sales * Rate of repairs * Average cost of repairs per unit

Q: Bond discount should be presented in the financial statements of the issue as a(n) Contra liability…

A: >Bond discount is recorded in the books of account as the difference between Face value of Bond…

Q: prepare a liability section of the balancesheet thnk u

A: Liability means obligations of the business that it has to pay. If obligations are to be met within…

Q: gent liab

A: Contingent Liability A contingent liability is an obligation that may arise as a result of the…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

Q: Define what is an off-balance sheet activity? Also provide example of an off-balance sheet an…

A: Off-Balance sheet Activity means the assets or liabilities which are not reflected in the balance…

Q: Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…

A: SOLUTION-  IT HAS DEBIT BALANCE  BECAUSE IT IS A CONTRA ACCOUNT TO NOTES PAYABLE ACCOUNT (A…

Q: Give the examples of Accrued liabilities.

A: Accrued liabilities:   The accrued liabilities means that the amount will be paid in the future…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: what of the following is the correct calculation for interest cover : a- total debt / interest…

A: Interest coverage ratio is used to find out the ability of a company to pay interest on its debts…

Q: On the balance sheet, liabilities are generally classified as O legal or nonlegal. probable or…

A: The balance sheet shows the financial position of the business. It consists of liabilities and…

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.