Applied Activity $1$

Question $1$:

a$.$ Identify the three broad categories of liabilities.

b$.$ Explain how each of these three classes of liabilities is initially measured.

c$.$ Explain how each of these three classes of liabilities is subsequently measured.

Question $2$: Classify below Liabilities in Current and Non$-$Current and provide a brief explanation.

$\backslash$table$[[$Item$,$Liability,$\backslash$table$[[$Current or non$-$current$],[$liability$,$ or potentially$],[$both$?]],$Explanation$],[1,$Accounts payable,,$],[2,$Warranties payable,,$],[3,$Deposits,,$],[4,$Bank overdraft,,$],[5,$Sales tax payable,,$],[6,$Unearned revenue,,$],[7,$Lease liability,,$],[8,$HST payable,,$],[9,90-$day bank loan,,$],[10,\backslash$table$[[$Bond payable that matures$],[$in two years$]],,],[,,,]]$