Log in
Accounting
3
answers
0
watching
159
views
11 Jan 2019

What is the difference between a current liability and acontingent liability? Give an example of each. How are theaccounting treatments different for each of these?

Watch
3
answers
0
watching
159
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share
Nestor Rutherford
Nestor RutherfordLv2
12 Jan 2019
Already have an account? Log in
Share

Related questions

•What is the difference between a current liability and along-term liability?•How are liabilities taken into account whenanalyzing an organization's current financial position? •Is itbetter to have more money in liabilities or equity?

Please respond to one of the following topics.

TOPIC 1: Try this for planning your own retirementaccount: Given a stated level of biweekly or monthlycontributions, any employer matching added in, an assumed averageannual earnings, and the expected number of years until you retire,calculate the expected size of your retirement account. And pleaseremember that this exercise is for only one part of your financialfuture.

TOPIC 2: Many firms believe that it is very difficult toestimate the amount of a possible future contingency. Should acontingent liability be reported even when the dollar amount of theloss is not known? Should it be disclosed in the notes to financialstatements? Explain.

Please respond to one of the following topics.

TOPIC 1: Try this for planning your own retirementaccount: Given a stated level of biweekly or monthlycontributions, any employer matching added in, an assumed averageannual earnings, and the expected number of years until you retire,calculate the expected size of your retirement account. And pleaseremember that this exercise is for only one part of your financialfuture.

TOPIC 2: Many firms believe that it is very difficult toestimate the amount of a possible future contingency. Should acontingent liability be reported even when the dollar amount of theloss is not known? Should it be disclosed in the notes to financialstatements? Explain.

Related Documents

ACC 311 Lecture Notes - Lecture 9: Current Liability, Starbucks, Contingent Liability
greenwalrus59
ACC 131 Lecture Notes - Lecture 1: Gross Margin, Profit Margin, Financial Accounting Standards Board
turquoiseimpala626
ACC 331 Lecture Notes - Lecture 10: Treasury Stock, Promissory Note, Current Liability
viridianjellyfish544

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in