Match Each of the Following Current Liabilities with Its Meaning

question 147

Multiple Choice

Match each of the following current liabilities with its meaning.
-An accrued liability for amounts owed to employees for work performed.

• 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

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Definitions:

Budget Process

The systematic approach organizations use to estimate their future revenues and expenses, resulting in a budget which guides their financial planning.

Formal Written Statement

A documented declaration or report that is officially prepared and presented for a specific purpose.

Management's Plans

The strategic and tactical approaches developed by an organization's management team to achieve business objectives and growth.

Responsibility Center

A segment of a business, such as a department or division, whose manager is accountable for specific financial activities and performance.