In the declaration of a commercial general liability (CGL) the following is stated: Limit of Liability Insurance Each occurrence Aggregate $1,000,000 $3,000,000 What do those figures mean?
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- Which of the following will be classified as a current liability? O a. Two-year noțes payable O b. Unearned rent Oc. Bonds payable Od. Mortgage loanWhich of the following is a charteristic of a current liability? A)a current liability must be of a known amount B)a current liability is due within one year or one operating cycle, whichever is longer C)a current liability must be of an estimated amount D)current liability’s are subtracted from long term liabilities on the balance sheetWhich of the following would most likely be classified as a current liability? a.mortgage payable b.bond payable c.two-year note payable d.unearned rent
- Which of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payableWhich of the following items is most likely a short-term liability?a. Deferred income taxesb. Finance lease covering 30-year termc. Bonds payabled. Accounts payableWhat is meant by noncurrent liabilities? Define it? And provide one NCL account for emirates pleas emake sue the answer is correcrt 100%
- Which of the following is an accrued liability? * O Unearned subscriptions revenue Current portion of long-term debt payable O wages payable O Rent revenueThe estimated warranty obligation at the end of the financial year is best described as a A. Uncertain liability OB. Contingent liability O C. Liability O D. Constructive liability OE. Unrecognized liabilityWhich of the following is most likely to be regarded as an estimated liability that is subject to provision? a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liability
- 5. Which of the following is a characteristic of a current liability? OA current liability must be of a known amount. OA current liability is due within one year or one operating cycle, whichever is longer. A current liability must be of an estimated amount. Current liabilities are subtracted from long-term liabilities on the balance sheet.Which of the following is most likely to be classified and reported as a current liability? a. Prepaid Expense b. Bond Payable c. Mortgage Payable d. Unearned Revenue O None of the aboveWhich of the following is most likely to be classified and reported as current liability? a. Bond Payable b. Unearned Rent c. Mortgage Payable d. Two-year Note Payable e. None of the above.