WEEK 4 DQSACC/422 Week 4 DQ 1What are the criteria for classifying an item as a

WEEK 4 DQSACC/422 Week 4 DQ 1What 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 misclassification a liability as current or long-term?ACC/422 Week 4 DQ 2What 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.ACC/422 Week 4 DQ 3ACC/422 Week 4 DQ 4GAAP need loss contingencies to be accrued in the period the contingency becomes known. However GAAP specifically disallows booking gain contingencies until the gain is realized. Do you agree or disagree? Why?ACC/422 Week 4 DQ 5What is a bond?What are some features of a bond?How do you value bonds?What factors can affect that value?