Question: The present obligation component of liability must be based on a. a legal obligation only b. a social obligation c. a contractual obligation. d. none

The present obligation component of liability must be based on

a. a legal obligation only

b. a social obligation

c. a contractual obligation.

d. none of the given answers.

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

libility are future Bacri fices of economic bene fits that an entity ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Anne is an international student living in Brisbane during the Covid-19 virus lockdown. She is renting a room at $180 per week in rooming accommodation. She agreed to rent the room prior to the...

Good consideration usually cannot be based on a pre-existing contractual obligation owed to the same party. Describe three ways by which business people can avoid that rule. What commercial reasons...

Effective leaders understand that actions must be based on facts. Which facts are most important, however, is dependent on how the problem is framed. Failure to adequately define the problem can set...

Does a hash total need to be based on a financial data field? Explain.

I need these three questions answered please? I am attaching the Budget Analysis and the CAFR for Georgia for reference. These questions are pertaining to the assignment labeled CAFR Budget Analysis....

Does anyone know where this article come from? I wanna cite it as a resource!! Thanks! 41 Auditing Insurance Companies 41.1 OVERVIEW OF THE INDUSTRY (a) Structure of the Industry, (b) Reinsurance,...

Where in an annual report of a company I can identify an example demonstrating knowledge of : Business Combination - 100% ? Who is a financial user that would be interested in this? Here is the...

Discuss various research aspects of this case: is this opinion still precedent? if not, why not? In the United States Court of Federal Claims No. 05-608 C E-Filed: March 27, 2006...

Discuss various researchaspects of this case: Were there any subsequent rulings by a Court of Appeal? Which Court of Appeal? What was the holding in that Court? In the United States Court of Federal...

1. Do you agree or disagree with the decision in the Lambert case (p. 323, textbook). Explain by making EXPLICIT reference to any of the principles of Contract Law (say which one(s) you are using)...

Hi, This subject is financial accounting, here is a short essay type question, approximately 5 paragraphs. ''Drawing on private interest theory, what powers do you believe the Australian Accounting...

Caroline Mathis, CPA is a sole practitioner, with two professional employees (a CPA with three years of experience and a new college graduate with an accounting degree). Caroline is bidding on the...

A states department of human resources is responsible for providing certain training courses for various agencies within the state. The department does not actually conduct the training itself....

Which of the following does the preparation of annual internal budgets provide? Review of last year's income and spending Project expense drivers for the next 3 years Spending limits for each...

The following is selected financial information for Armani Company as of December 31, 2015: liabilities, $44,000; equity, $46,000; assets, $90,000. Required Prepare the balance sheet for Armani...

1. What type of custom survey research projects might Walker Market Research and Analysis conduct for its clients? 2. What stages are involved in conducting a survey? For which stages might a client...

Use the adjusted trial balance from Problem 6 to prepare an income statement for the quarter ended September 30, 20x4, and a balance sheet as of September 30, 20x4, for GLP Corporation.

The unadjusted trial balance for GLP Corporation appears on the next page. End-of-period analysis revealed the following: a. The market value of equipment had decreased by 30 percent of its original...

Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invests $70,000 cash and office equipment valued at...

dentify 4 different two-dimensional shapes used in the construction of the shed and explain where you see each one on or around the shed. You're welcome to add a door and/or windows to the shed if...

1. In accounting for a defined-benefit pension plan a. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised....

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...

The TAN Company has a defined benefit pension plan for its employees. The plan has been in existence for several years. During 2006, for the first time, the company experienced a difference between...

Stacy Persoff is the newly hired assistant controller of Kemp Industries, a regional supplier of hardwood derivative products. The company sponsors a defined benefit pension plan that covers its 420...

The present obligation component of a liability must be based on: a legal obligation only. a social obligation. a contractual obligation. none of the given answers.