Liabilities represent the debts or obligations that a business must receive in terms of money.

Liabilities represent the debts or obligations that a business must receive in terms of money.
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State whether the following statement are true or false with reason : Liabilities represent the debts ... a business must receive in terms of money.
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Which of the following statements is true in relation to liabilities? A. Claims against the resources. B. Currently existing obligations which the firm intends to meet at some time in the future. C. It must be capable of being expressed in money terms. D. All of the above

Description : Which of the following statements is true in relation to liabilities? A. Claims against the resources. B. Currently existing obligations which the firm intends to meet at some time in the future. C. It must be capable of being expressed in money terms. D. All of the above

Last Answer : C. It must be capable of being expressed in money terms.

The debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the above

Description : The debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the above

Last Answer : Answer: A

Current liabilities a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity. c. are listed in the balance sheet, starting with accounts payable. d. should not include long-term debt that is expected to be paid within the next year.

Description : Current liabilities a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity. c. are listed in the balance sheet, ... . d. should not include long-term debt that is expected to be paid within the next year.

Last Answer : a. are obligations that the company is to pay within the forthcoming year. b. are listed in the balance sheet in order of their expected maturity.

The most important information needed to determine if companies can pay their current obligations is the a. net income for this year. b. projected net income for next year. c. relationship between current assets and current liabilities. d. relationship between short-term and long-term liabilities.

Description : The most important information needed to determine if companies can pay their current obligations is the a. net income for this year. b. projected net income for next year. c. ... between current assets and current liabilities. d. relationship between short-term and long-term liabilities.

Last Answer : c. relationship between current assets and current liabilities.

Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Description : Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Last Answer : A. Fixed assets must always be shown at market value

Amalgamation is said to be in the nature of merger if: A. All assets and liabilities of transferor company are taken over by the transferee company. B. Business of transferor company is intended to be carried on by the transferee company. C. Purchase consideration must be paid in equity shares by the transferee company except for fraction shares. D. All of the above

Description : Amalgamation is said to be in the nature of merger if: A. All assets and liabilities of transferor company are taken over by the transferee company. B. Business of transferor company is intended to ... paid in equity shares by the transferee company except for fraction shares. D. All of the above

Last Answer : D. All of the above

Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of payment is a source- and uses of funds statement that reflects changes in assets, liabilities and net worth during a specified period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3

Description : Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of ... period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3

Last Answer : D. 1, 2 and 3

Must privilege come with obligations?

Description : Must privilege come with obligations?

Last Answer : I guess the responsibility would be to make it grow.

As per section 2(8), of the Sales of Goods Act, insolvent means a person A. Who has ceased to pay his debts in the ordinary course of business B. Or cannot pay his debts as they become due C. Both (a) and (b) D. None of above

Description : As per section 2(8), of the Sales of Goods Act, insolvent means a person A. Who has ceased to pay his debts in the ordinary course of business B. Or cannot pay his debts as they become due C. Both (a) and (b) D. None of above

Last Answer : C. Both (a) and (b)

In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total

Description : In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total

Last Answer : Answer: All assets and liabilities are expressed in terms of percentage of total

The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service. b. To comply with relevant laws and regulations and avoid any action that discredits the profession. c. Not to override or compromise his professional or business judgment because of bias, conflict of interest or undue influence of others. d. To be fair and truthful.

Description : The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a ... , conflict of interest or undue influence of others. d. To be fair and truthful.

Last Answer : To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service.

A business that adopts the proactive strategy to social responsibility: A)assumes responsibility for its actions and responds to accusations without outside pressure B)tries to minimise or avoid additional obligations linked to a problem or problems C)allows a condition or potential problem to go unresolved until the public learns about it

Description : A business that adopts the proactive strategy to social responsibility: A)assumes responsibility for its actions and responds to accusations without outside pressure B)tries to minimise or avoid additional ... )allows a condition or potential problem to go unresolved until the public learns about it

Last Answer : A)assumes responsibility for its actions and responds to accusations without outside pressure

A business adopting the defence strategy approach to social responsibility: A)assumes responsibility for its actions B)tries to minimise or avoid additional obligations linked to the problem C)allows a condition or potential problem to go unresolved until the public learns about it D)complains that current government regulations are unfair and unfavourable

Description : A business adopting the defence strategy approach to social responsibility: A)assumes responsibility for its actions B)tries to minimise or avoid additional obligations linked to the problem C) ... the public learns about it D)complains that current government regulations are unfair and unfavourable

Last Answer : B)tries to minimise or avoid additional obligations linked to the problem

Obligations of business towards various parties of the societies is known as a. Social Welfare b. Social Responsibility c. Social Value d.Business Ethics

Description : Obligations of business towards various parties of the societies is known as a. Social Welfare b. Social Responsibility c. Social Value d.Business Ethics

Last Answer : b. Social Responsibility

Which of the following is not an argument for the assumption of social responsibility by business? (a) Long-run profits ; (b) Stockholder interests ; (c) Ethical obligations ; (d) Costs

Description : Which of the following is not an argument for the assumption of social responsibility by business? (a) Long-run profits ; (b) Stockholder interests ; (c) Ethical obligations ; (d) Costs

Last Answer :  (b) Stockholder interests ;

Why do older US dollars say "this note is legal tender for all debts, puiblic and private, and is redeemable in lawful money at the US treasury or at any federal reserve bank?"?

Description : Why do older US dollars say "this note is legal tender for all debts, puiblic and private, and is redeemable in lawful money at the US treasury or at any federal reserve bank?"?

Last Answer : I believe at that time we were on the gold standard and the money could be exchanged for the appropriate amount of gold. I’m trying to find a bit more info right now here. When we went off the gold standard, this would no longer have been true.

Is Germany still paying off money and debts from the first and second world wars?

Description : Is Germany still paying off money and debts from the first and second world wars?

Last Answer : Actually, Germany had to take responsibility for and pay the debts for World War I.

Which of the following is true? a. Auditors are responsible for detecting all fraudulent financial reporting. b. Auditors must specifically consider fraud risk from overstating liabilities. c. Auditors must specifically consider fraud risk from management override of controls. d. All of the above are true

Description : Which of the following is true? a. Auditors are responsible for detecting all fraudulent financial reporting. b. Auditors must specifically consider fraud risk from overstating liabilities. c. Auditors must ... consider fraud risk from management override of controls. d. All of the above are true

Last Answer : Auditors must specifically consider fraud risk from management override of controls.

Excess of liabilities over assets represents the solvency of a business.

Description : Excess of liabilities over assets represents the solvency of a business.

Last Answer : State whether the following statement are true or false with reason : Excess of liabilities over assets represents the solvency of a business.

A person whose assets are less than business liabilities is known as insolvent.

Description : A person whose assets are less than business liabilities is known as insolvent.

Last Answer : State whether the following statement are true or false with reason : A person whose assets are less than business liabilities is known as insolvent.

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

Children with muscular dystrophy who receive treatments developed through research programs funded by MDA would represent __________ for this charitable organisation. A)target publics B)target population C)general publics D)focus groups E)client publics

Description : Children with muscular dystrophy who receive treatments developed through research programs funded by MDA would represent __________ for this charitable organisation. A)target publics B)target population C)general publics D)focus groups E)client publics

Last Answer : E)client publics

Would you say monthly bills, are debts?

Description : Would you say monthly bills, are debts?

Last Answer : No, they aren’t debts. They are expenses. They become debts if you don’t pay them off as you accrue them.

Are we under obligation to pay Dad's debts?

Description : Are we under obligation to pay Dad's debts?

Last Answer : I believe you send them a death certificate and some dismiss the debt, but they can come after the estate, last I heard anyway.

Is it generally better for your credit score if you pay off old debts or if you file for bankruptcy?

Description : Is it generally better for your credit score if you pay off old debts or if you file for bankruptcy?

Last Answer : Better to pay off. Bankruptcy puts a big mark on you credit report, no one wants to get left holding the bag when you opt out of your debt. Bankruptcy takes the legal obligation away, but does not clear your record.

Could you fall in love and be with someone who had debts? Say you met a wonderful person but behind him/her were some serious debts.

Description : Could you fall in love and be with someone who had debts? Say you met a wonderful person but behind him/her were some serious debts.

Last Answer : answer:I think it would depend on how the debts were incurred and what type of debt it was. Perhaps if it was medical debts, I would not have second thoughts. Otherwise, I might be leery.

Where can I find information on life debts?

Description : Where can I find information on life debts?

Last Answer : answer:This seems to be found more in fictional universes than in the real world. Wikipedia

I know when you go to the army they pay off your college debts, but are there specific colleges you have to go to or can you go to any college you want?

Description : I know when you go to the army they pay off your college debts, but are there specific colleges you have to go to or can you go to any college you want?

Last Answer : The only military education programs I am aware of are the Military Academies, and the money they make available to pay your college tuition at any college that you are accepted to, after you have completed your military duty. I have not heard of any plan that pays off your college debts.

How much yearly income does a single, retired person with no major debts need to live comfortably in CA?

Description : How much yearly income does a single, retired person with no major debts need to live comfortably in CA?

Last Answer : @nmguy; There are too many variables to pull a figure out of a hat. Be more specific about your needs and likes.

What is the legal/economic term for the ratio between a company's capital and its debts?

Description : What is the legal/economic term for the ratio between a company's capital and its debts?

Last Answer : I think it's just called "debt-to-capital ratio" http://www.investopedia.com/terms/d/debt-to-capitalratio.asp

What is the real story behind consumer credit couseling? Is it worth it? Will the negative remarks be removed from credit report once my debts are resolved? I don't hear a lot of positive things.

Description : What is the real story behind consumer credit couseling? Is it worth it? Will the negative remarks be removed from credit report once my debts are resolved? I don't hear a lot of positive things.

Last Answer : answer:I just designed a site for www.backtogo.org and they offer credit counseling. The owner, Cec could answer this question for you and without a charge I’m sure. This is NOT a plug. Just trying to be helpful.

Are debts also inherited?

Description : If my father has debts where will he look and die, will I inherit those debts? Will I have to pay them? I'm pretty scared of it

Last Answer : You can refuse debts as an inheritance.

Who will help me pay the debts

Description : Isn't there such a company that I would then pay for it? Irena

Last Answer : Do you want to "pay debts" by making new - bigger ones ??? (headbang)

Do inherit debts from parents?

Description : When parents have debts and die, do their children have to pay them off?

Last Answer : No, it doesn't have to, it simply rejects the inheritance. He can also reject a positive inheritance.

What do you mean by bad debts?

Description : What do you mean by bad debts?

Last Answer : What do you mean by bad debts?

A Derson who is unable to nay his debts, is called ____________ (a) insolvent (b) solvent (c) well to do (d) poor

Description : A Derson who is unable to nay his debts, is called ____________ (a) insolvent (b) solvent (c) well to do (d) poor

Last Answer : A Derson who is unable to nay his debts, is called ____________ (a) insolvent (b) solvent (c) well to do (d) poor

need free grants for college tution and personal debts ?

Description : need free grants for college tution and personal debts ?

Last Answer : “need free grants for college tution and personal debts? ” can I get free grant for personal debts?

hi i wanted to download the free chapter 7 form which pertains to listing all my secured debts and unsecured debts. which form is this. there are so many and im confused. is there a link you could send me thanks?

Description : hi i wanted to download the free chapter 7 form which pertains to listing all my secured debts and unsecured debts. which form is this. there are so many and im confused. is there a link you could send me thanks?

Last Answer : I'm not sure if you can file all this on one form. The list of unsecured debts can be listed on the following form: http://www.uscourts.gov/rules/BK_Forms_1207/B_004_1207f.pdf

If you have a credit card with a balance of 754.43 at a 13.6 APR. If you have 300.00 available each month to save or pay down your debts. a. How many months will it take to pay off the credit card if?

Description : If you have a credit card with a balance of 754.43 at a 13.6 APR. If you have 300.00 available each month to save or pay down your debts. a. How many months will it take to pay off the credit card if?

Last Answer : It will be paid off after 4 months of payments. In total you will pay $1,056.53, which is $302.10 in interest. Remember kids, use your credit wisely.

How to Settle Debts for Less Than What You Owe?

Description : How to Settle Debts for Less Than What You Owe?

Last Answer : If you have an account with a creditor that is seriously delinquent, the creditor may agree to a debt settlement to pay off the account in full. You may approach the creditor with an offer ... your creditor accepts the settlement, you only have to pay the agreed-upon percentage of the debt.

A type of loan, where the bank or the lending institution provides the borrower with a loan that helps the borrower to pay off his all previous debts is termed as ________ A. Debt Recovery B. Debt Settlement C. Debt Management D. Debt Consolidation

Description : A type of loan, where the bank or the lending institution provides the borrower with a loan that helps the borrower to pay off his all previous debts is termed as ________ A. Debt Recovery B. Debt Settlement C. Debt Management D. Debt Consolidation

Last Answer : D. Debt Consolidation Explanation: Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others.

Which of the following was/were established under the Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993? A. DRTs B. DRATs C. ATs D. Both (A) and (B) E. None of the Above

Description : Which of the following was/were established under the Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993? A. DRTs B. DRATs C. ATs D. Both (A) and (B) E. None of the Above

Last Answer : D. Both (A) and (B) Explanation: The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunal (DRATs) were established under the Recovery of Debts Due to Banks ... specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institution.

What is a cash flow table in project management? A. A table portraying inflow of cash in a project B. A table portraying outgoing expenses of a project C. It is the tool that is used to study such cash flows by breaking inflows and outflows down, usually on a monthly basis D. A table portraying debts taken for a project

Description : What is a cash flow table in project management?  A. A table portraying inflow of cash in a project  B. A table portraying outgoing expenses of a project  C. It is the tool that is used ... inflows and  outflows down, usually on a monthly basis  D. A table portraying debts taken for a project

Last Answer : C. It is the tool that is used to study such cash flows by breaking inflows and  outflows down, usually on a monthly basis

Which of the following will improve a company's working capital management position? A. An increased level of bad debts B. An increase in the credit period allowed by suppliers C. An increased debtor collection period D. An increase in the stock turnover period E. An increase in the length of the production

Description : Which of the following will improve a company's working capital management position? A. An increased level of bad debts B. An increase in the credit period allowed by suppliers C. An increased debtor ... D. An increase in the stock turnover period E. An increase in the length of the production

Last Answer : B. An increase in the credit period allowed by suppliers

A person who is in a position to pay his debts is called a / an 1. insolvent 2. solvent 3. bankrupt 4. broke 5. None of these

Description : A person who is in a position to pay his debts is called a / an 1. insolvent 2. solvent 3. bankrupt 4. broke 5. None of these

Last Answer : solvent

2. Which of the following groups is most hurt by unexpected inflation? a. workers with cost of living adjustments in their labor contracts b. homeownersc. people with large debts to pay for their homes and carsd. people with large retirement savings held in savings accounts

Description : 2. Which of the following groups is most hurt by unexpected inflation? a. workers with cost of living adjustments in their labor contracts b. homeowners c. people with large debts to pay for their homes and cars d. people with large retirement savings held in savings accounts

Last Answer : d. people with large retirement savings held in savings accounts

Under the Insolvency and Bankruptcy Code, 2016, debts owed to a secured creditor in the event such secured creditor has relinquished security ranks equally with ___________. a) insolvency resolution process costs b) workmen’s dues for a period of 24 months prior to liquidation commencement date c) wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation commencement date d) dues to Central Government

Description : Under the Insolvency and Bankruptcy Code, 2016, debts owed to a secured creditor in the event such secured creditor has relinquished security ranks equally with ___________. a) insolvency ... period of twelve months preceding the liquidation commencement date d) dues to Central Government

Last Answer : b) workmen’s dues for a period of 24 months prior to liquidation commencement date

Increased volume of sales is an example of ………….…. Benefit. Reduction of bad debts is an example of ……….. A) Tangible, Intangible B) Tangible, Tangible C) Intangible, Tangible D) Intangible, Intangible

Description : Increased volume of sales is an example of ………….…. Benefit. Reduction of bad debts is an example of ……….. A) Tangible, Intangible B) Tangible, Tangible C) Intangible, Tangible D) Intangible, Intangible

Last Answer : D) Intangible, Intangible

The process of selling trade debts of a client to a financial intermediary is called______ a. Factoring b. Securitisation c. Materialisation

Description : The process of selling trade debts of a client to a financial intermediary is called______ a. Factoring b. Securitisation c. Materialisation

Last Answer : a. Factoring