All of the following are true of known liabilities except:
A)Include accounts payable, notes payable, and payroll.
B)Are obligations set by agreements, contracts, or laws.
C)Are measurable.
D)Are definitely determinable.
E)Are potential obligations that depend on some future event occurring.

Question

Quizplus · Accepted Answer

Known liabilities are obligations that are certain and definite, and do not depend on any future events for their existence. Potential obligations that depend on some future event occurring are considered contingent liabilities.

All of the Following Are True of Known Liabilities Except