Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org)

Required:

Determine the specific citation for accounting for each of the following items:

1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.

2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.

3. Accounting for the revenue from separately priced extended warranty contracts.

4. The criteria to determine if an employer must accrue a liability for vacation pay.

Answer rating: 100% (QA)

Accrued liablities Accrued liabilities refer to the expenses that are incurred but are not yet paid ... View the full answer