contingent liabilities? Which two conditions have to be met in der to report a contingent liability on a balance sheet?

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

Pursuant to the conceptual framework, for an item to be characterised as a liability the definition of liabilities must be applicable to the transaction or event, and the recognition criteria should also be satisfied. Applying the definition of liabilities, there are three key components in the definition of ‘liability’, these being:1. There must be an expected future disposition of economic benefits to other entities.2. There must be a present obligation.3. A past transaction or other event must have created the obligation.Required:Take any two examples of liabilities and test if they meet all three requirements.

please ansert the following questions thanks

Contingent liabilities are obligations that may or may not materialize.

What differentiates a current liability from a long-term liability? Share at least two examples of each. What are the differences in accounting for these two types of liabilities?

TRUE OR FALSE 1. A liability can result from past, present or future events

List four examples of interest-bearing liability accounts commonlyfound in balance sheets. What characteristics do these liabilities have in common? Howdo they differ?

Which of the following liabilities would be considered nonrecourse?

who is the vendor for interest payable