Which of the Following Is NOT a Liability of Known

question 82

Multiple Choice

Which of the following is NOT a liability of known amount?

• A)Accounts payable
• B)Income tax payable
• C)Warranty payable
• D)GST payable

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Definitions:

Marginal Revenue

The additional income generated from selling one more unit of a product or service.

Equilibrium

When aggregate demand equals aggregate supply.

MC = MR

A principle in economics stating that profit maximization occurs when a firm's marginal cost (MC) equals its marginal revenue (MR).

Marginal Revenue

The additional income gained from selling one more unit of a good or service.