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What are the criteria for recording contingencies?

Discussion Questions: Chapter 13 & 14 : Intermediate Accounting


Please answer each question individually in at least 120 words per.


  1. Why is unearned revenue a liability and not asset?
  2. Why is it important to classify a portion of long-term debt on a yearly basis as a current liability?
  3. What are the criteria for recording contingencies?
  4. How do you value bonds? What factors can affect that value?
  5. What are the two methods for recording amortization of bond premiums and discounts? Which is best? Why?

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