Match Each of the Following Terms Pertaining to Liabilities to Their

question 31

Multiple Choice

Match each of the following terms pertaining to liabilities to their definitions.
-Amounts owed that are represented by a formal contractual agreement.These amounts usually require the payment of interest.

• A)Current liability
• B)Accounts payable
• C)Notes payable
• D)Discount on notes payable
• E)Current maturities of long-term liabilities
• F)Accrued liabilities
• G)Contingent liability
• H)Estimated liability

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Definitions:

Accounting Records

Documentation and books that hold financial information and transactions of a business, essential for preparing financial statements.

Computer Equipment

The physical hardware used in or with computers, including peripherals such as keyboards, monitors, external drives, and other devices.

Initial Investment

The initial amount of money spent to start a project, acquire an asset, or invest in a financial product.

Connecting Link

A piece or component that joins two or more parts together in a mechanism or system.