All of the following are true of known liabilities except:
A)Include accounts payable,notes payable,and payroll.
B)Can arise from agreements or contracts.
C)Are measurable.
D)Can arise form laws.
E)May depend on some future event occurring.

Question

Quizplus · Accepted Answer

Known liabilities are definite obligations that a company can reliably measure and are not contingent on future events. Options A, B, C, and D describe characteristics of known liabilities, while E describes contingent liabilities, which depend on the outcome of a future event.

All of the Following Are True of Known Liabilities Except