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When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
What element of financial statements interest payable belong?
Interest payable is liability to be cleared in future that's why shown in liability side of balance sheet.
Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
Why salaries payable is a liability?
Salaries payable is liability because it is incurred but not yet paid and payment is deferred till future time .
When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
What is contingent liability?
A contingent liability is: (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or (b) a present obligation that arises from past events but is not recognised because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability.
Contingent liability is?
A potential liability that arises from a past transaction and is dependent on a future event.
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
What element of financial statements interest payable belong?
Interest payable is liability to be cleared in future that's why shown in liability side of balance sheet.
What is future indefinite tense?
Future Indefinite or simple is used:- To express the speakers opinions, speculations, prediction, promises about the future.
What promises does God make in Jeremiah 29:11 about giving you a hope and a future?
In Jeremiah 29:11, God promises to give you hope and a future, assuring you of His plans to prosper you and not harm you.
Why are margins required when traders write options but not when they buy options?
When you buy an option, you are buying an asset, and do not have a future liability. When you write an option, you are potentially incurring a future liability Thus you need some assets to back this liability.
How does contingent liability impact earnings?
Contingent liability can impact earnings because it is a projected and future liability. Not knowing what the outcome of the liability is, it can unexpectedly affect a large amount of earnings.
What is contigent liabilites?
1. Contingent liability is a liability the occurance or some information of which is dependable on the occurance of any future incidend until that liability is not confirmed
What is the motto of Resources for the Future?
Resources for the Future's motto is 'Independent Research for Better Policy'.
What is the difference between a debt and a liability?
A liability is generally anything that costs you money. A phone bill is a liability. A debt is a kind of liability. You can take out a loan for a car- that is a debt; something owed in the future.
