State Whether Each Situation Below Implies a Definitely Determinable Liability

question 62

Essay

State whether each situation below implies a definitely determinable liability (D), an estimated liability (E), a contingent liability (C), or no liability at all (X).
_____ 1. Lawsuit filed against the company
_____ 2. Payroll liabilities
_____ 3. Unearned revenues
_____ 4. Accounts payable
_____ 5. Product warranty liability
_____ 6. Dividend to be declared in future
_____ 7. Current portion of long-term debt
_____ 8. Discounted notes receivable
_____ 9. Liability for vacation pay
_____ 10. Guarantee of debt of other companies

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Definitions:

Indirect

A communication approach that is not straightforward or direct, often used to soften a message or to be polite.

Tactful

Showing sensitivity and consideration when dealing with difficult or delicate situations, often to avoid offense.

Claim Message

Communication that asserts a request for action or redress typically in the context of a business or legal matter.

Compensation

Payment or rewards given for services rendered or as reparation for loss or suffering.