Match the following terms with the appropriate definition.
-Guarantees the repair or replacement of defective goods during a specified period following the sale
A)Accrued liabilities
B)Contingent liabilities
C)Current liabilities
D)Interest rate
E)Liabilities
F)Payroll taxes
G)Sales taxes
H)Warranty
I)Withholdings

Question

Quizplus · Accepted Answer

A warranty guarantees the repair or replacement of defective goods during a specified period following the sale.

Answer: B
 Contingent liabilities refer to potential liabilities that may arise depending on the outcome of a future event, such as a lawsuit or product recall.

Answer: C
 Current liabilities are debts or obligations that must be paid within one year. This can include things like accounts payable, accrued expenses, and payroll taxes.

Answer: D
 Interest rate refers to the percentage amount charged by a lender for borrowing money.

Answer: E
 Liabilities are debts or obligations that a company owes to others. This can include things like loans, accounts payable, and taxes owing.

Answer: F
 Payroll taxes are taxes that employers must withhold from employees' paychecks and remit to the government, such as Social Security and Medicare taxes.

Answer: G
 Sales taxes are taxes that are charged on the sale of goods or services, and are typically paid by the consumer.

Answer: A
 Accrued liabilities are expenses that have been incurred but not yet paid or recorded, such as salaries owing at the end of the accounting period.

Answer: I
 Withholdings refer to amounts that employers must deduct from employees' paychecks and remit to the government, such as income tax withholdings.

Match the Following Terms with the Appropriate Definition