Distinguish between common law liability and statutory law liability?

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

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: State with reason whether the following statements are true or false Contingent liability is an…

A: Contingent liability can be defined as the liability that may occur on the basis of the outcome of…

Q: Define and explain the nature and concept of the current liability and non-current liability.…

A: Entity have two types of liability a short term liability and a long term liability . The difference…

Q: A tort is a basis for a action O criminal O criminal or civil

A: Tort refers to the wrong doing which is in legal form, where the one person commits wrong against…

Q: Distinguish between a determinable current liability anda contingent liability. Give two examples of…

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Q: Defihe and explain -An agreement that violate statute - An agreement that violate public policy…

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Q: Under what conditions should a contingent liability berecorded?

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Q: Which of the options is an example of liability?

A: Liability is something a company  or person owes, usually a sum of money.  It denotes an obligation…

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: Define a “liability” by listing its essential characteristics (not types of) as provided by our…

A: Liability :— It is a Financial obligation that is to be settled in the  future date.  Suppose an…

Q: what is limited liability?

A: SOLUTION- LIABILITY   IS A FINANCIAL OBLIGATION OF A COMPANY THAT RESULTS IN THE COMPANY'S FUTURE…

Q: Define the term contingent liability.

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Q: Are they any specific considerations  that must be taking into account when focusing on liability…

A: Liability: A liability is the amount of money that a company owes for the benefits enjoyed.…

Q: What is a current liability?

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

Q: Explain the difference between liquidated damages and penalities

A: Damage refers to the loss that results from some injury to a person, company, property, or…

Q: What is Umbrella Excess Liability?

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

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: What factors must be considered in determining whether or not to record a liability for pending…

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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 is Joint Liability?

A: The answer is provided as follows:

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: Discuss creation of principal and agency relationship. What is vicarious liability?

A: At the point when an individual connects with another to follow up for his sake it makes a connec…

Q: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: What is a Current Liability? Explain its Characteristics.

A: Current liability refers to the obligation of enterprise which are due within normal cycle of…

Q: What exceptions are there to contracts that normally require a writing to be enforceable?

A: It is being written under the law that all agreement which are in writing could only be enforceable…

Q: Distinguish between a current liability and a long-termdebt.

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Q: Which of the following would most likely be classified as a current liability?

A: It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or…

Q: What Is Personal Liability?

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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 of the following is most likely to be classified and reported as a current liability?

A: Liabilities are reported in the balance sheet of the company.

Q: What can be understood from Probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: How might exclusion clauses be found to be unenforceable?

A: Exclusion clause is defined as the term of contract that looks for restricting or excluding the…

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: What is a contingent liability? Provide some examples of contingencies.

A: Explain the meaning of contingent liability and provide some examples: A contingent liability, as…

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.