Provincial sales tax payable:
A) Is an estimated liability
B) Is a contingent liability
C) Is a current liability for retailers
D) Is a business expense
E) All of these
Correct Answer:
Verified
Q47: Estimated liabilities can arise from
A)warranties.
B)property taxes.
C)income taxes.
D)employee
Q48: Which of the following is created by
Q49: Obligations due to be paid within one
Q50: A short-term note payable
A)Is a written promise
Q51: A contingent liability
A)Is a liability of a
Q53: Employee vacation benefits
A)are estimated liabilities.
B)are contingent liabilities.
C)become
Q54: Unearned revenue is initially recognized with a
A)credit
Q55: Major Company borrowed $12,000 by signing an
Q56: Payroll liabilities for current employees are
A)contingent liabilities.
B)estimated
Q57: A combined GST and PST rate of
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