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

A:

Q: 8. Who is the party in a bond contract who has the obligation to pay during maturity dates? a.…

A: Bond is a debt instrument issued by company or government. The holder of bonds  is the lender or…

Q: According to IAS 1, what are the classification of liabilities? O Current, noncurrent, estimated and…

A: Answer -   According to IAS 1 - Liabilities are basically classified as Current and Non Current…

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 one of the following options is correct for a journal entry creating provision for warranty…

A: SOLUTION- THE COMPANY NEEDS TO MAKE PROVISION OF WARRANTY WHEN IT SELLS THE PRODUCT WITH THE…

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: 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: 4. What best describes the discount on bonds payable account? a.An asset b.A liability c.An expense…

A: Discount on bonds payable account is used when a bond is issued at discount.

Q: ch of the following loan types has a beginning loan balance equal to the ending loan balance? Group…

A: Loans are kind of debt and burden and that carry the interest to be paid but when interest is to be…

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: 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: Income taxes payable is an example of an accrued liability. a. True b. False

A: The liabilities are the amount due to paid by the business in future period. The current liabilities…

Q: What is the consideration for the insurer in an insurance contract?

A: Contract:   Contract is an agreement among two parties or more parties which includes enforceable…

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: 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…

Q: Mortgage Interest is a common: Select one: O a. None of these O b. Exclusion from gross income Oc.…

A: Mortgage interest is the amount of interest which is charged on the loan taken for the purpose of…

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: If in each interval of time agreed upon in an obligation, interest is added to the principal,…

A: Compound Interest: In this concept, the interest is calculated on principal and interest accumulated…

Q: Question 7 Common examples of short-term or current liabilities include the following EXCEPT: O A.…

A: SOLUTION-   CURRENT LIABILITIES  ARE A COMPANY'S SHORT TERM FINANCIAL OBLIGATIONS THAT ARE DUE WITH…

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: Determine if this shall result in recognition of liabilities 16.Sale of goods with product warranty…

A: Product warranty means a condition to repair or replace the sold goods for damages within certain…

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: Indicate whether the following types of interest are "Deductible" or "Nondeductible" as an itemized…

A: Itemized deductions are expenses that you can claim on your federal income tax return to reduce your…

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

A: The liabilities which are payable within one year are considered but the liabilities having life…

Q: • Company A is a financing company. • Company A has 30% debt in its capital structure, out of which…

A: In case of interest rate swap, one party pays floating interest rate to another party and receives…

Q: 17. Which of the following statements is true? Select one: a. Simple interest relates to future…

A: Simple interest rate is the interest rate where no compounding is done on interest portions…

Q: This clause, typically found in a loan agreement, permits the holder to declare the entire amount of…

A: An agreement that regulates the mutual promise of borrower and lender is termed as a loan agreement.…