0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
1 A liability is classified as a current liability if it is to be paid within the coming year?
Yes current liability is that liability which is payable within one fiscal year otherwise it is that portion of long term liability which is payable within one year remaining portion will be long term liability.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Is bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
Is wages current liabilitys or non current liabilitys?
If wages already paid then it is current expense, if wages are payable within current fiscal year then it is current liabilities, if wages are payable in morethan one fiscal year that the amount payable in current fiscal year is current liability and the remaining amount will be treated as long term liability.
What is the difference between current liability and total liability?
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
In the general ledger how are expense account and liability account arrange?
Alphabetically within their own classification
What is the insurance company responsibility to help you when you have an accident and its not your fault and you only have liability?
A liability insurer has two primary duties to an insured who has been sued: (1) a duty to defend; and (2) a duty to indemnify. The duty to defend means that the insurer is obliged, at its own expense, to hire counsel to defend the insured provided that the allegations of the lawsuit come within the ambit of the coverage of the policy. That is, for example, the liability coverage of a homeowner's policy will not be triggered to defend you if you are sued for an automobile collision. If you have not yet been sued, but a claim has been asserted (such as by a demand letter from the aggrieved party), the liability insurer is obliged to investigate the facts of the claim. Most personal liability policies give the insurer the right to settle claims without the consent of the insured, so it may also make a payment to the claimant. The correlative obligation of the insured is to timely notify the insured of all claims made against him/her/it, forward suit papers, and cooperate with both the insurer and the attorney hired to defend the suit. The cooperation includes meeting with the attorney as needed, responding to requests, attending depositions, attending trial, and other activities. The second main obligation of a liability insurer is to indemnify the insured, meaning, to protect him/her/it from financial loss. This involves paying damages for which the insured may be found legally liable (within policy limits). Again, the insurer usually has the right to settle claims when it deems it in its and the insured's best interests to do so. Indeed, the insurer has a specific duty to settle claims within policy limits when it is possible to do so (that is, when the claimant will accept that amount of money in return for a release of the insured of further liability).
Can you sue a major corporation in small claims?
Yes, you can as long as the subject matter and the amount of the claim fall within the jurisdictional limits of that court.
1 A liability is classified as a current liability if it is to be paid within the coming year?
Yes current liability is that liability which is payable within one fiscal year otherwise it is that portion of long term liability which is payable within one year remaining portion will be long term liability.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
When was From Within - The Outer Limits - created?
From Within - The Outer Limits - was created on 1996-04-28.
Where can i find good liability insurance?
Liability insurance protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. State Farm, Allstate, and Geico are all top companies that offer liability insurance. You can contact one of the above for free quotes in your area, and find out more information to find the policy that works for you.
Is bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
What does commercial general liability do for you?
In a nutshell, you transfer your risk from claims from liability that arises from your business premises and operations, as well as your products and advertising to an insurance company, who promises to pay on your behalf and/or to defend you in court against claims, up to the limits of insurance you purchase and subject to policy terms and conditions, such as exclusions and if any, deductibles. Commercial insurance policy forms vary from insurance company to company, and a number of endorsements that modify the form are usually available, so it's important to find a knowledgable agent who can help you assess your needs and the right insurance policy for you within your price range - never purchase insurance solely on price!
Am I liable when insurance limits are reached?
Assuming that you are referring to liability insurance, the general answer, subject to the law of the jurisdiction, is "Yes". This presumes the legal, provable damages exceed the policy limits, rather than a claim made at the "I want" stage of things. A factor that is important to remember is that a liability insurer has an obligation to resolve a claim on behalf of an insured within the policy limits if it is all possible to do so. This generally translates into a scenario where, if the claimed damages may reasonably be expected to exceed policy limits (for example, if the case goes to a jury), but the claimant is willing to accept policy limits in full settlement and release the insured from further liability, the insurer has an obligation to settle within limits. By so doing, it is protecting the insured from individual liability for an "excess" verdict, and is fulfilling its duty of "good faith". Many States have statutes (written laws) that provide a process by which an insurer may be held liable for an excess verdict. If it is shown that the insurer did not act in good faith by settling within policy limits when it had the opportunity to do so, the insurer may be held responsible for amounts in excess of its policy limits. Those amounts may include the full amount of the verdict, damages to the insured that proximately flowed from having the excess verdict/judgment entered (such as damage to credit), attorney's fees, and depending upon the jurisdiction, other categories of damages.
What actors and actresses appeared in Within Limits - 2007?
The cast of Within Limits - 2007 includes: Hong Chau Leo Kao
Why debenture interest is expense but not within operating expense?
Issuance of debendutres is not an operating activity that's why interest on debenture is also a non operating expense
