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What is the term that refers to a liability that promises a future outflow of resources?
Wiki User
∙ 14y ago
"payable"
Wiki User
∙ 14y ago
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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 .
What is the meaning of contigent liability?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
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.
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.
What is the motto of Resources for the Future?
Resources for the Future's motto is 'Independent Research for Better Policy'.
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 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.
Why we treat provison for tax as current liability?
With the process of provision we create the amount and set aside to payment for taxes in future as it is payable in short term future that's why it is called current liability.
Which Kwanzaa color candle symbolizes the future?
The green candles are vision candles - candles of hopes, dreams, and promises for the future in Kwanzaa
