An estimated liability:
A) Can be the result of a lawsuit.
B) Is a liability that may occur if a future event occurs.
C) Is an unknown liability of a certain amount.
D) Is a known obligation of an uncertain amount.
E) None of these answers is correct.
Correct Answer:
Verified
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Q46: A combined GST and PST rate of
Q47: Payroll liabilities for current employees are:
A) Current
Q48: The receipt of $6,000 in advance ticket
Q49: Unearned revenue is initially recognized with a:
A)
Q51: Provincial sales tax payable:
A) Is a contingent
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Q53: Short-term notes payable:
A) Are usually interest bearing.
B)
Q54: Employee vacation benefits:
A) Are estimated liabilities.
B) Are
Q55: Long-term liabilities:
A) Are sometimes reported on the
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