HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Topic: Liabilities
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In 150 words or fewer, explain how contingent liabilities are accounted for.
he Revaluation Reserve Account should be accounted for as part of
a.
Assets
b.
Liability
c.
Equity
d.
Expens
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- Are the following assets real or financial?a.Patentsb.Lease obligationsc.Customer goodwilld.A college educatione.A $5 billarrow_forwardte of insurand O D. policy form 21. What is the form that filled out by insured if a loss is suffered? * O A. Loss form B. Completion notes C. Endorsement D. Claim form 22. is the application document used for making the proposal.arrow_forwardCurrent account benefits for the account holder and borrowers؟arrow_forward
- Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset c.current liability d.fixed assetarrow_forwardDefine stretching accounts payablearrow_forwardWhich of the following is not an example of an asset? Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.arrow_forward
- Explain the characteristics of liabilities.arrow_forward1. The significant risk that is transferred from the policyholder to the issuer of an insurance contract is:a. Lapse or persistency riskb. Financial riskc. Expense riskd. Insurance risk2. Under the general model of PFRS 17, a group of insurance contracts is initially measured at:a. The fulfillment cash flowsb. The contractual service marginc. Either a or bd. Both a and b3. A group of insurance contracts is subsequently measured at:a. The liability for remaining coverageb. The liability for incurred claimsc. Either a or bd. Both a and b4. According to PFRS 17, an insurance contract is NOT derecognized when:a. Expiredb. Terms have been modified, and the modification is not substantivec. Terms have been modified, and the modification is substantived. Extinguished5. According to PFRS 17, an accounting service result is recognized in:a. Profit or lossb. Other comprehensive incomec. Statement of financial positiond. Partly in profit or loss, and partly in other comprehensive incomeUse the…arrow_forwardDefine liabilities and distinguish between current and long-term liabilities.arrow_forward
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