In 450 words or more, please discuss the accrued liability with at least two examples. What is a contingent liability? What happens to your balance sheet and income statements when you failed (intentionally or unintentionally) to recognize liability at year-end?

Please discuss bond discount, premium, and par issues. When do they issue bonds with discount? with premium? How are discount or premium amortized over the life over the bonds? How the amortization (discount or premium) affect the interest expenses?

Please briefly discuss the concept of present value, future value, annuity and perpetuity.