Match Each of the Following Terms Pertaining to Liabilities to Their

question 81

Multiple Choice

Match each of the following terms pertaining to liabilities to their definitions.
-The portion of a long-term liability that will be paid within one year of the balance sheet date.

• 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:

Indirect

Expenses or actions that are not directly tied to a specific product, service, or activity but are necessary for the general operation of a business, such as utilities or management salaries.

Product Assembly

The process of putting together various components to form a final product.

Labor Incurred

The total cost of workforce employed for a certain period, including wages, benefits, and taxes related to labor.

Direct

Pertaining to costs, expenses, or activities that can be specifically traced to a particular project, department, or product without allocation.