Current liabilities fall into two categories which are referred to as:
A) contingent liabilities and contra-liabilities.
B) contingent liabilities and noncontingent liabilities.
C) unearned liabilities and contra-liabilities.
D) liabilities of a known amount and estimated liabilities.

Question

Quizplus · Accepted Answer

Current liabilities are categorized into liabilities of a known amount, which are specific and quantifiable, and estimated liabilities, which are obligations that are uncertain in amount but can be reasonably estimated.

Current Liabilities Fall into Two Categories Which Are Referred to As