Which of the following would be considered a known liability?
A)Accounts payable
B)Warranties payable
C)Pending litigation
D)Possible contingency payable

Name: Which of the following would be considered a known liability? A)Accounts payable B)Warranties payable C)Pending litigation D)Possible contingency payable
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Question

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Accounts payable is a known liability because it represents amounts a company is obligated to pay to its creditors for goods or services received.

Which of the Following Would Be Considered a Known Liability