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Differentiate current liabilities to non-current liabilities

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Reference no: EM133104905

Questions - In not less than a hundred words for each item, answer the questions in each item comprehensively. Make sure to answer the questions using your own words.

1. Define liabilities.

2. What are the essential characteristics of an accounting liability?

3. Differentiate current liabilities to non-current liabilities.

4. How are short term liabilities initially measured as per accounting standard?

5. How are long-term liabilities initially measured as per accounting standard?

6. What is a contingent liability?

7. What are estimated liabilities?

Reference no: EM133104905

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