which of the following are liabilites that are typically estimated amounts

Expert Solution

some of the liabilities are recorded at estimated amount because the amount is uncertain

An estimated liability an obligation for which there is no definitive amount. Instead, the accountant must make an estimate based on the available data. For example, a warranty reserve is based on an estimate of the number of warranty claims that will be received. Similarly, a defined benefit pension liability is based on multiple estimates of how long employees will live, how long employees will continue to work for the company, and the return on investment of funds set aside for pension payments.

Some liabilities are not contingent liabilities but are estimated liabilities. For example, the electricity consumed, property taxes, worker compensation insurance premiums, repairs, etc. are absolutely owed because the services or goods were delivered.

the above is the information related to estimations of liability

ekkarill92 answered 1 year ago

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which of the following are liabilites that are typically estimated amounts

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