Nature of liabilities presented below is the current, Ask an Expert

Accounting

(Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation.

Instructions

Answer the following questions.

(a) What are the essential characteristics that make an item a liability?

(b) How does one distinguish between a current liability and a long-term liability?

(d) What is the theoretically correct way to value liabilities? How are current liabilities usually valued? (e) Why are notes payable reported first in the current liabilities section?

(f) What might be the items that comprise Micro's liability for "Compensation to employees"?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91775235

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