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24 Sep 2019

An amount to be paid in one year or within an operating cycle of the company, whichever is longer, which of the following is: 

 

  1. Current Liability

  2. Non-Current Liability

  3. Contingent Liability

  4. None of the above.

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Nelly Stracke
Nelly StrackeLv2
25 Mar 2019

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Related questions

A current liability is a debt that can reasonably be expected to be paid

a. within one year, or the operating cycle, whichever is longer

b. between 6 months and 18 months

c. out of currently recognized revenues

d. out of cash currently on hand

 

A current liability is a debt that is reasonably expected to be paid

a. within one year, or the operating cycle, whichever is longer

b. between 6 months and 18 months

c. out of currently recognized revenues

d. out of cash currently on hand

 

18. When the amount of a contingent liability can be estimated and its likelihood is possible but not probable, the company should: A) include a description in the footnotes to the financial statements. B) record the amount of the liability times the probability of its occurrence. C) record the amount of the liability as a long-term liability. D) omit the information about the contingent liability from its financial statements and footnotes.

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