which of the following is the best definition of pecuniary liability?Blog

which of the following is the best definition of pecuniary liability?

The stated discount rate is 8%. An obligation payable within one year of the balance sheet date. an obligation expected to be satisfied with current assets or by the creation of other current liabilitiesCurrent liabilities normally are recorded at their: Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This line item is in constant flux as bonds are issued, mature, or called back by the issuer. the company intended to refinance the debt and did so prior to issuance of the financial statementsA long-term liability should be reported as a current liability in a classified balance sheet if the long-term debt: Liabilities payable within the coming year are classified as long-term liabilities if refinancing is completed before date of issuance of the financial statements under:Kline Company refinanced current debt as long-term debt on January 5, 2017. Kline's fiscal year ended on December 31, 2016, and its financial statements will be issued sometime in early March 2017. We need you to answer this question! A. large increase, because deferred revenue becomes revenue when the seller has satisfied performance obligationsWhen a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes: D. a debit to a liability and a credit to a revenue accountShort-term obligations can be reported as long-term liabilities if:C. the firm intends to and has the ability to refinance as long-termOf the following, which typically would not be classified as a current liability?D. Correct Answer: AOs always bear pecuniary liability for the entire contents of the travel document. The action required of Paul Company for this reasonably estimable contingency for the year just ended is: C. To accrue the liability and explain it in a note to the financial statements.Accounting for costs of incentive programs for customer purchases:Providing a monetary rebate program for purchasing a product:An extended warranty typically results in the seller: C. recognizing revenue over the life of the extended warrantyA quality-assurance warranty typically results in the seller: A. accruing an expense for anticipated warranty costs at the time the warrantied product is soldWhich of the following is true about the initial journal entry used to record quality-assurance warranties?44. Best definition of pecuniary liability?

A. Which of the following generally is associated with accounts payable?All of the following but one represent collections for third parties. If the likelihood of expropriation is remote, a loss contingency should be: Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's assets in that country. The debt-to-equity (D/E) ratio indicates how much debt a company is using to finance its assets relative to the value of shareholders’ equity. In contrast, the wine supplier considers the money it is owed to be an asset. Companies of all sizes finance part of their ongoing long-term operations by issuing bonds that are essentially loans from each party that purchases the bonds.

What Is the Difference Between an Expense and a Liability? The correct definition of an "account" includes which of the following?

A monetary item is an asset or liability carrying a fixed numerical value in dollars that will not change in the future. Liabilities are settled over time through the transfer of economic benefits including money, goods, or … Assets are the things a company owns—or things owed to the company—and they include tangible items such as buildings, machinery, and equipment as well as intangible items such as accounts receivable, interest owed, patents or intellectual property. Like most assets, liabilities are carried at cost, not market value, and under 

D. Answer.

Based on prior experience, warranty costs are estimated to be $25 per item sold. Recorded on the C. An obligation payable within one year or within the normal operating cycle, whichever is longer. An obligation payable within one year of the balance sheet date.

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