but after deducting the bonus. If income before income tax and the
bonus is $320,000, the amount of the bonus should be
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ACC 422 Week 4 DQ 1
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Week 4 – DQ 1
What are the criteria for classifying an item as a current liability?
What are some examples of current liabilities?
Why is it important to classify a portion of long-term debt on a yearly
basis as a current liability?
What is the implication of misclassifying a liability as current or longterm?
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ACC 422 Week 4 DQ 2
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Week 4 – DQ 2
What is a contingency?
Why are contingencies important to users of financial statements?
What are the criteria for recording contingencies?
Should companies record a liability for threatened litigation? Explain
why or why not.
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ACC 422 Week 4 DQ 3
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