Accrued liabilities are obligations for which there is no external transaction. Select one: True False
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- A basic difference between loss contingencies and “real”liabilities is: a. Liabilities stem from past transactions; loss contingen-cies stem from future events. b. Liabilities always are recorded in the accountingrecords, whereas loss contingencies never are.c. The extent of uncertainty involved. d. Liabilities can be large in amount, whereas loss contin-gencies are immaterial.Liabilities that are not secured by specific assets are called: Multiple Choice O O O General credit obligations. Accrued liabilities. Indentures. Debt contracts.Contingent liabilities that are reasonably possible are disclosed in the notes. True or False True False
- True (t) or False (f) _____ Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur)Assets is Outflows or other using up of assets or incurrence of liabilities true FalseWhich of the following statements is true concerning contingent liabilities? a. Such liabilities should include obligations of known existence but of unknown amount. b. If the definite amount is involved, it is not a contingent liability. c. Such liabilities are generally reported and totaled with other liabilities to make up the liability section of most balance sheets. d. Such liabilities should include obligations known in amount but unknown in existence.
- How are the terms “probable,” “reasonably possible,”and “remote” related to contingent liabilities?An estimated liability is an obligation which is uncertain as to: * A. NO - amount; YES - existence B. YES - amount; YES - existence C. NO - amount; NO - existence D. YES - amount; NO – existenceWhich of the following is a characteristic of a current liability? A. It is an avoidable obligation. B. It occurs because of a future transaction or event. C. It cannot be settled with services. D. It creates a present obligation for future payment of cash or services.