Estimated Liabilities,contingencies,and Commitments Are Usually Reported in the Long-Term Liability

question 44

True/False

Estimated liabilities,contingencies,and commitments are usually reported in the long-term liability section of the financial statements.

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Definitions:

Electronic Funds Transfer Act

A U.S. law designed to protect consumers engaging in electronic transfer of funds, including ATM transactions and direct deposits.

Provisionally

On a temporary or conditional basis, pending further information, qualification, or fulfillment of certain conditions.

Investigate

To carry out a systematic or formal inquiry to discover and examine the facts of an issue, so as to establish the truth.

Void After 90 Days

A phrase typically used on checks or legal documents indicating that the document or check is no longer valid if not used or cashed within 90 days from its date of issuance.