Categories of non-determinable liabilities are: Select one: a. estimated liabilities and contingent liabilities b. estimated liabilities...
Categories of non-determinable liabilities are:
Select one:
a. estimated liabilities and contingent liabilities
b. estimated liabilities and current liabilities
c. assayable and provable liabilities
d. property taxes and vacation pay
Homework Answers
b. estimated liabilities and current liabilities
Definitely determinable liabilities must pass two tests to qualify for this classification as Definitely determinable liabilities:
- The obligation is known to exist. Existence is an important factor.
- The amount owed is quantifiable. The obligation can be measured precisely.
eg. accounts payable.
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Categories of non-determinable liabilities are:
Select one:
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Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing liabilities. Current portions of long term debt. Estimated liabilities. Clearly determinable liabilities. why is correct answer pre-existing liabilities?
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1) Current liabilities fall into two categories, which are referred to as: A) contra liabilities and...
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The following three independent sets of facts relate to contingent liabilities 1. In November of ...
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value 16.66 points T. The following three independent sets of facts relate to contingent liabilities: manufactured...
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The following three independent sets of facts relate to contingent liabilities 1. In November of the current year an automobile manufacturing company recalled all pickup trucks manufactured during the past two years. A flaw in the battery cable was discovered and the recall provides for replacement of the defective cables. The estimated cost of this recall is $3.5 million 2. The EPA has notified a company of violations of environmental laws relating to hazardous waste. These actions seek cleanup costs,...
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