Question

Review the following items and evaluate if they should be recorded as a liability under the...

Review the following items and evaluate if they should be recorded as a liability under the Boards’ definition above. Focus on “… present economic obligation” and “… entity is obligor” in your analysis. Complete the table provided.

Item

“… present economic obligation”

(Y/N)

“… entity is obligor”

(Y/N)

Liability

(Y/N)

Accounts payable

Bank loan outstanding

Future inventory purchases

Discretionary employee bonuses

Existing property lease

Product warranty obligation

Lawsuit settlement (no lawsuit has been filed and no manifestation of intent has been expressed)

Business   Accounting   
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