Examlex
Instructions: Identify the terms and briefly state their historical significance.
Ghana
Warranty Liability
The obligation a company assumes when it guarantees the condition of its product and agrees to repair or replace defective products.
FICA Taxes Payable
Liabilities owed by an employer to the federal government for Federal Insurance Contributions Act taxes, typically for Social Security and Medicare.
Current Liabilities
Obligations or debts that a company is expected to pay within one year or within the normal operating cycle of the business, typically including accounts payable and short-term loans.
Bonds Payable
A financial liability representing money a company owes to bondholders, to be repaid at a specified future date.
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