Question: Answer the following questions briefly and concisely. a) Why is it important for a company to separate the current portion of long-term debt from the

Answer the following questions briefly and concisely.

a) Why is it important for a company to separate the current portion of long-term debt from the longterm debt?

b) How would the under accrual of warranty expense affect a company's financial statements?

c) What is the difference between a liability and a contingent liability?

d) What are contingent gains and how are they treated?

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