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

Question

Quizplus · Accepted Answer

Current liabilities can be categorized into those with a known amount, such as accounts payable, and those whose amounts must be estimated, such as warranties or bonuses.

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