Contingent liabilities are not recorded in the financial statements. True False
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- Liabilities that are not secured by specific assets are called: Multiple Choice O O O General credit obligations. Accrued liabilities. Indentures. Debt contracts.Accrued liabilities are obligations for which there is no external transaction. Select one: True FalseCan you please describe contingent liabilities and how to account for and/or report them.
- Some financial assets (up to a limit) are FDIC insured while others are not. true or falseA basic difference between loss contingencies and “real”liabilities is: a. Liabilities stem from past transactions; loss contingen-cies stem from future events. b. Liabilities always are recorded in the accountingrecords, whereas loss contingencies never are.c. The extent of uncertainty involved. d. Liabilities can be large in amount, whereas loss contin-gencies are immaterial.How are liabilities classified? Why is it important to classify liabilities?
- What are Contingent Liabilities? Give an example. What are the factors that determine the reason for Contingent Liabilities?Contingent Liabilities Describe what is termed as “contingent liabilities” and discuss their accounting treatment.Contingent liabilities that are reasonably possible are disclosed in the notes. True or False True False