Match each of the following current liabilities with its meaning.
-Social security and medicare taxes owed.
A)Account payable
B)Note payable
C)Wages payable
D)Interest payable
E)Sales taxes payable
F)FICA taxes payable
G)Unemployment taxes payable
H)Unearned sales revenues
I)Estimated warranty liability

Question

Quizplus · Accepted Answer

FICA taxes payable refers to the social security and medicare taxes owed by an employer.

Note: This question does not have a unique or universally agreed upon answer, as the meaning of certain terms may vary by context or jurisdiction. For example, some may consider estimated warranty liability to be a current liability, while others may classify it as a long-term liability. Additionally, some of the other answer choices may be technically correct in certain situations (e.g. sales taxes payable could refer to taxes owed to a state or local government). It is important to carefully read and understand the details of a question before selecting an answer.

Match Each of the Following Current Liabilities with Its Meaning