Current liabilities fall into two categories, which are referred to as:
A) liabilities of a known amount and liabilities whose amount must be estimated
B) liabilities of a known amount and contingent liabilities
C) contingent liabilities and non contingent liabilities
D) contra liabilities and contingent liabilities

Question

Quizplus · Accepted Answer

Current liabilities can be categorized into liabilities of a known amount, which are definite and can be precisely determined, and liabilities whose amount must be estimated, which are not definite and require estimation.

Current Liabilities Fall into Two Categories, Which Are Referred to As