Payroll taxes are considered to be contingent liabilities.
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Q5: Current liabilities are obligations not due within
Q6: When there is little uncertainty surrounding current
Q8: Trade accounts payable are amounts owed to
Q8: A contingent liability is a potential obligation
Q10: When companies pay the government collected sales
Q11: A liability is a probable future payment
Q12: Uncertainties from the development of new competing
Q12: Debt guarantees are not disclosed because the
Q17: A company can have a liability even
Q17: Accounting for contingent liabilities covers three possibilities:
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