Matching
Classify each of the following items as either:
Premises:
Lawsuit against the company
Warranty on products sold this year
Accounts payable
Income taxes payable
Vacation benefits
Accrued wages payable
Debt guarantees
Sales taxes payable
Payroll taxes payable
Unearned revenues
Responses:
Estimated liability
Contingent liability
Known liability
Correct Answer:
Premises:
Responses:
Lawsuit against the company
Warranty on products sold this year
Accounts payable
Income taxes payable
Vacation benefits
Accrued wages payable
Debt guarantees
Sales taxes payable
Payroll taxes payable
Unearned revenues
Premises:
Lawsuit against the company
Warranty on products sold this year
Accounts payable
Income taxes payable
Vacation benefits
Accrued wages payable
Debt guarantees
Sales taxes payable
Payroll taxes payable
Unearned revenues
Responses:
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