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State Whether Each Situation Below Implies a Definitely Determinable Liability

Question 180

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State whether each situation below implies a definitely determinable liability (D), an estimated liability (E), a contingent liability (C), or no liability at all (X).

Premises:
Lawsuit filed against the company
Payroll liabilities
Unearned revenues
Accounts payable
Product warranty liability
Dividend to be declared in future
Current portion of long-term debt
Discounted notes receivable
Liability for vacation pay
Guarantee of debt of other companies
Responses:
determinable liability
estimated liability
contingent liability
no liability at all

Correct Answer:

Lawsuit filed against the company
Payroll liabilities
Unearned revenues
Accounts payable
Product warranty liability
Dividend to be declared in future
Current portion of long-term debt
Discounted notes receivable
Liability for vacation pay
Guarantee of debt of other companies
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