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Classify Each of the Following Items

Question 191

Matching

Classify each of the following items

Premises:
Accrued wages payable
Payroll taxes payable
Lawsuit against the company
Warranty on products sold this year
Accounts payable
Vacation benefits
Property taxes payable
Income taxes payable
Unearned revenues
Debt guarantees
Responses:
Contingent liability
Estimated liability
Current liability

Correct Answer:

Accrued wages payable
Payroll taxes payable
Lawsuit against the company
Warranty on products sold this year
Accounts payable
Vacation benefits
Property taxes payable
Income taxes payable
Unearned revenues
Debt guarantees
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