Which of the options is an example of liability?

Q: What's the difference between IFRS and US GAAP when it comes to the word "contingent liability"?

A: Contingencies - Existing Condition involving uncertainty that may result in possible gain (gain…

Q: What is meant by contingent Liability? How is it shown in final accounts?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

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: Why onerous contracts are considered as a provision, even though they do not always come with a high…

A: Onerous contract is the contract that would cost the business more to fulfill than what the company…

Q: What is imputed interest?

A: Interest: Interest is a charge against the amount due, Interest is paid on the amount borrowed as a…

Q: How are contingent liabilities accounting for? a) In your own word, what is a contingent liability?…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Which of the following best describes a contingent liability that is unlikely to occur?A. remoteB.…

A: Contingent liabilities are those liabilities that will occur on the basis of future events. These…

Q: Which of the following is not considered as a characteristic of a liability?

A: The balance sheet comprises two-part, what the company owns (Assets) and what the company owes…

Q: contingent liabilities? Which two conditions have to be met in der to report a contingent liability…

A: The foundation for determining investor returns and analyzing a company's financial structure is the…

Q: What are contingent liabilities?

A: Liabilities by and large, are a commitment to, or it is an amount that one owes to another person.…

Q: Define the term contingent liability.

A:

Q: What is an estimated liability?

A: Estimated liabilities are liabilities which a company owes certainly but the amount of obligation…

Q: What Constitutes Default?

A: When an individual or a company is unable to pay the loan amount then it's termed as default. It…

Q: How contract is discharged by subsequent impossibility?

A: Discharge of agreement or contract implies the end of the authoritative connection between the…

Q: Which of the following modification of terms will not qualif, for derecognition of financial…

A: Solution Concept Derecognition of financial liability A financial liability is derecognized when the…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: What is the fair value option? Briefly describe the controversyof applying the fair value option to…

A: Meaning of fair value option:

Q: What is the difference between equity of redemption and statutory redemption?

A: The difference between equity of redemption and statutory redemption are:

Q: What is Umbrella Excess Liability?

A: Umbrella Excess Liability policy refers to a liability insurance policy that safeguards the assets…

Q: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: Discuss about the long term liability Vs short term liability?

A: SOLUTION- LIABILITY- ANY AMOUNT OR SUM A BUSINESS OR COMPANY IS OBLIGATED TO PAY TO ANY INDIVIDUAL,…

Q: How do the passive losses rules and the at risk rules work in conjunction to limit losses?

A: Passive losses: These are the losses that take place when expenses exceed the income in the passive…

Q: What is meant by unlimited liability?

A: Unlimited liability refers to the full legal responsibility that business owners and partners assume…

Q: When is a forward contract preferred over an option contract ?

A: Forward contract and Option contract Option contract gives the right to the holder to buy or sell…

Q: Distinguish a contigent liability from a provision.

A: Liabilities: It refers to the debt that company owes to someone. It can be short term or long term.

Q: What us your understanding Joint Liability?

A: The answer is provided as follows:

Q: What is exchange risk, as distinct from exposure?

A: Foreign exchange risk or foreign exchange exposure refers to the financial risk associated with a…

Q: What is an option? How does an Option differ from a forward or future contract?

A: Derivative Security: A derivative is financial security whose price and value are determined based…

Q: Which of the following liabilities would be considered nonrecourse?

A: "As the student have not been given the options to choose the nonrecourse liabilities, I will give…

Q: State difference between sureties and security?

A: In development contracts, if a worker for hire neglects to play out the works, the business would…

Q: Explain the Nonrecourse clause?

A: A sum of money that an individual or company owes is called liability. It is an obligation between…

Q: Which current liability represent a free source of financing?

A: The external sources are used for the source of financing. Financing implies cash added to the…

Q: What does the term noncontrolling interest mean?

A: This term is generally used when consolidated statement is prepared by the parent entity. There are…

Q: the present value of this liability?

A: Present Value: Present value is the real value of an asset discounted by the rate which shows the…

Q: What is an unasserted claim?

A: An unasserted claim or assessment is one in which the affected party or potential claimant has not…

Q: What is the difference between the use of the term contingent liability in U.S. GAAP and IFRS?

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: Which of the following is also called a "liability waiver"? confidentiality clause noncompete…

A: An obligation or a liability is something an individual or organization owes, it usually includes…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.