Sales Tax Payable is an example of a(n)
A)estimated liability.
B)contingent liability.
C)trade liability.
D)definitely determinable liability.

Question

Quizplus · Accepted Answer

Sales Tax Payable is a liability that is definitely determinable as it represents the amount of sales tax that has been collected from customers and is owed to the government. It is not estimated or contingent, as the amount is based on actual sales transactions.

Sales Tax Payable Is an Example of A(n)