Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability).
-Payroll taxes payable
A)Contingent liability
B)Estimated liability
C)Known liability

Question

Quizplus · Accepted Answer

Payroll taxes payable are considered a known liability because the amount is determinable and the obligation is certain.

Match the Following Items with the Appropriate Designation (Estimated Liability