Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty liability.   B)  Accounts payable.   C)  Interest payable.   D)  Salaries payable.

Q: Define the term Deferred Loan Repayments?

A: Answer: A deferred loan payment is nothing but a loan agreement in which the borrower may start…

Q: definition and recognition criteria of liabilities

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

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: What are Contingent Liabilities?  Give an example.  What are the factors that determine the reason…

A: A liability, the occurrence of which is uncertain that is it may or may not occur is known as a…

Q: What are warranty payments? Please explain.

A: A Warranty is a basically a handwritten promise made by the seller to the buyer on paper that if the…

Q: 34-Which of the following is NOT a contingent liability? a. Product warranty b. Pending law suit…

A:

Q: b.bond payable c.two-year note payable

A: Current liabilities are a company's short-term financial commitments due within a year or during a…

Q: Why are warranty liabilities usually recognized on the balance sheet as liabilities even when they…

A: A warranty liability is a liability account that reports the estimated amount that a company will…

Q: which of the followings is considered as long term liability :Select one .a mortgage payable .b…

A: a. mortgage payable is the right answer. Other option are incorrect as they are short term…

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: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: Which of the following statements is not true about provisions? a. Examples of provisions include…

A: The amount that the business has set aside for anticipated future losses and uncertainties for which…

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: S1: In note discounting treated as a secured borrowing, a contingent liability is recognized on the…

A: Contingent liability: Contingent liability can be defined as the liability that may arise in future…

Q: The formal document that outlines the paym lender and the borrower is: the acceleration clause. O…

A: There is agreement between borrower and lender for payment of loan.

Q: 1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as a…

A: Only the S1 is correct  PFRS 17 said that insurer can change its accounting policy if it provides…

Q: 7

A: Out of the options provided, "Current maturities of long-term debt" would not be classified as a…

Q: Interest expense

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

Q: Question 5 You are required to refer to the conceptual Framework and especially the two factors…

A: Answer 5.  According to the accounting frame work,  Warranty cost/Expense treated as contingent…

Q: Given the following 1. Gross Premium 2. Commission 3. Claims 4. Outstanding Claims and 5. Incurred…

A: Accounting - The process of keeping track of all financial transactions pertaining to a business is…

Q: Which of the following would not be considered a general long term liability? Select one: a. Long…

A: Short term obligations are the obligations that have to be paid within a  year. whereas, long term…

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: what accounts are used to record a contingent warranty liability that is probable and estimable but…

A: A provision or accrued liability is usually included in the financial statements for a contingent…

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: 22 - What is the name given to the person who is the debtor of the policy and will pay his debt with…

A: A promissory note is a promise to pay a certain amount and it is drawn by a debtor of the policy.

Q: An installment note is a liability requiring a series of payments to the lender. True or False True…

A: Introduction: An instalment note is a legal obligation or liability that requires the lender to…

Q: Obligations that may arise from past transactions only if certain events occur in the future are…

A: The objective of the question is to understand the concept of contingent liabilities in accounting.

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: Distinguish between the accounting treatment of a manufacturer’s warranty and an extended warranty.…

A: WarrantyWarranty is assurance provided to a customer by a seller. It is provided against the…

Q: Which of the following is an account used in applying the Sales Warranty Approach, but not the…

A: The Sales Warranty Approach is an accounting method used to account for warranties that a company…

Q: current liability?

A: Bonus obligations to employees is not current liabilities

Q: Estimated liabilities commonly arise from all of the following except: Top of Form Multiple Choice…

A: Unearned revenue arises on the basis of advance received from customers. It is recognized as earned…

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

A: The liabilities that are payable within one year are classified as current liabilities. It includes…