Classify each of following items as a contingent liability, a


Classify each of following items as a contingent liability, a provision or neither.

  1. an unresolved lawsuit against the entity for copyright infringement
  2. allowance for doubtful debts
  3. an arrangement to pay a bonus to salespersons for achieving sales over $50 000.
  4. refurbishment costs of a machine that will need refurbishment in two years.
  5. an agreement to act as guarantor for another firm’s borrowings.
  6. environmental damage that an entity has undertaken to repair.
  7. one thousand 12% debentures issued at $100.
  8. a warranty provided at time of purchase that the manufacturer undertakes to repair items that fail within 12 months.

It’s that simple.Pay only when you are satisfied.

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