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If Wings, Feathers, and a Beak Are Required for Something

question 96

Multiple Choice

If wings, feathers, and a beak are required for something to be a bird, category membership is based on:


Definitions:

Contingent Liabilities

Possible obligations that may arise in the future due to past events, depending on the occurrence of certain uncertain events.

Unearned Revenues

Income received by a company for goods or services yet to be delivered or performed.

Liability Uncertainty

Liability uncertainty involves not knowing the exact amount or timing of future outflows due to existing obligations.

Sales Taxes Payable

Current liabilities on a company’s balance sheet, representing taxes collected from customers on behalf of governmental authorities which are yet to be remitted.

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