A liability,such as warranties payable,would be an example of a(n):
A)contingent liability.
B)estimated liability.
C)known liability.
D)accrued liability.

Name: A liability,such as warranties payable,would be an example of a(n): A)contingent liability. B)estimated liability. C)known liability. D)accrued liability.
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Question

Quizplus · Accepted Answer

Warranties payable are considered estimated liabilities because the exact amount and timing of the obligation are uncertain and must be estimated based on historical data and other factors.

A Liability,such as Warranties Payable,would Be an Example of A(n)