Product warranties are classified as Select one: a. estimated liabilities b. contingent liabilities c. knowable liabilities...
Product warranties are classified as
Select one:
a. estimated liabilities
b. contingent liabilities
c. knowable liabilities
d. unknowable liabilities
Homework Answers
Answer: B) Contingent Liability
Any Liability that has the Probability to incurred in the future will be recorded and Reported as a Contingent Liability when it is estimated. Warranties are the Commitment to Spend the Product related service cost, repair and Replacement during the Specified Period of Time, These costs have probable cost incurred in the future.
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