Define a liability. What are the essential characteristics of a liability?
Question:
Define a liability. What are the essential characteristics of a liability?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
A liability is a financial obligation or debt that a business or individual owes to another party It represents a present or future commitment to tran...View the full answer
Answered By
Faith Chebet
In the past two years many of my students have excell with the knowledge I taught them.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
Question Posted:
Students also viewed these Business questions
-
What are the essential characteristics of liabilities for purposes of financial reporting?
-
What are the essential characteristics of an artificial chromosome? What is the difference between a BAC and a YAC?
-
Describe the essential characteristics of a bond and how these characteristics interact to determine bond value, inclusive of how both the interest rate and coupon rate influence bond value and...
-
Do firms follow the same steps for impairment testing of finite- and indefinite- life intangible assets ? Explain.
-
Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and 2008...
-
Jos Munoz, owner of a water park, is considering adding a 50 -foot waterslide. The waterslide will cost \(\$ 20,000\). Jos estimates that the waterslide will generate annual cash flows of \(\$...
-
13. Do governmental financial statements indicate whether a pension plan is fully funded? Explain.
-
Use the data from Problem 19 to rebalance the line with a cycle time of 90 seconds. How does the number of workstations change? What happens to the output and the lines efficiency?
-
Mueller Company reports the following data for the year just ended: \ table [ [ Raw materials used in production,$ 5 0 0 , 0 0 0
-
1. Explain why each of the following concepts is important in relation to financial reporting to markets and other economic agents that rely on such reporting: a. Economic entity assumption b....
-
i. The general manager of a small company recently said: We need to have an external auditor for our financial statements so we can guarantee their accuracy to our bank. Will that be the result if an...
-
Assume that the probability of selling a seat in first class is 50% and the fare for that class is $500. The probability of selling tickets in the next class is 90%, and the fare is $300. The...
-
According to a recent study, 21% of American college students graduate with no student loan debt. Suppose we obtain a random sample of 106 American college students and record whether or not they...
-
Differentiate the following with respect to x: a. y=5x+2x + x + 15 b. y=4x+3x - 4x - 10 c. y = 3Sin(5x) d. y = 3Cos(3x) e. y=10e -25x f. y = log(6x)
-
Question 2. The rate of drug destruction by the kidneys is proportional to the amount of the drug in the body. The constant of proportionality is denoted by K. At time t the quantity of the drug in...
-
5. 6. -1 (4a) U u X2 1 X2 -2 x -1 -2 12 (4b) U -2 2 Y y 16 x2 X2 3 1 (4c) U u - x 2 Y y -8 Y y -20 5 x X2 2 Find the state space models of the three systems shown in Fig. 4a, Fig. 4b, and Fig. 4c,...
-
Given the following data for Mehring Company, compute total manufacturing costs, prepare a cost of goods manufactured statement, and compute cost of goods sold. Direct materials used $230,000...
-
Interpret the slope. Does the intercept have meaning, given the range of the data? Instructions: Choose one or more of the data sets A-J below, or as assigned by your instructor. The first column is...
-
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
-
The following information has been extracted from the accounts of PQR Ltd. Additional information: a. Balances as at 30 June 2016: b. Credit purchases of inventory totalled $176 000 for the year. c....
-
Refer to the extracts of the annual report of Woolworths Limited in the appendix at the back of the book. All questions relate to the consolidated accounts. 1. Is there any indication of the...
-
Define an asset. What are the essential characteristics of an asset?
-
Los datos de la columna C tienen caracteres no imprimibles antes y despus de los datos contenidos en cada celda. En la celda G2, ingrese una frmula para eliminar cualquier carcter no imprimible de la...
-
Explain impacts of changing FIFO method to weighted average method in inventory cost valuations? Explain impacts of changing Weighted average method to FIFO method in inventory cost valuations?...
-
A perpetuity makes payments starting five years from today. The first payment is 1000 and each payment thereafter increases by k (in %) (which is less than the effective annual interest rate) per...
Study smarter with the SolutionInn App