Current liabilities fall into two categories which are referred to as:
A)liabilities of a known amount and estimated liabilities.
B)contingent liabilities and noncontingent liabilities.
C)contingent liabilities and contra-liabilities.
D)unearned liabilities and accrued liabilities.

Question

Quizplus · Accepted Answer

Current liabilities are categorized into liabilities of a known amount, which are specific and measurable, and estimated liabilities, which are obligations that are uncertain in amount but can be reasonably estimated.

Current Liabilities Fall into Two Categories Which Are Referred to As