Estimated liabilities commonly arise from all of the following except:
A)Warranties.
B)Vacation benefits.
C)Income taxes.
D)Employee benefits.
E)Unearned revenues.

Question

Quizplus · Accepted Answer

Estimated liabilities typically arise from known obligations that will require future payments, such as warranties, vacation benefits, income taxes, and employee benefits. Unearned revenues, on the other hand, represent payments received in advance for goods or services not yet delivered and therefore do not represent a liability for the company.

Estimated Liabilities Commonly Arise from All of the Following Except