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List one example of an estimated liability

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Reference no: EM132786916

Scenario Imagine that you own or work for a business as you discuss the following information:

Question 1: Identify and describe the type of business or organization you will be discussing.

Question 2: Discuss two examples of current liabilities that your business or organization might have. Please be specific.

Question 3: List one example of an estimated liability and one example of a contingent liability that your business or organization has or might have. Explain why it is estimated or contingent.

Question 4: How will these liabilities affect the financial statements?

Reference no: EM132786916

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