Accrued Liabilities Can Include All of the Following Except

question 3

Multiple Choice

Accrued liabilities can include all of the following except:

• A)salaries payable.
• B)current portion of long-term debt.
• C)income tax payable.
• D)interest payable.

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Definitions:

Fixed Costs

Expenses that do not change with the level of production or sales over a short period.

Total Fixed Costs

The cumulative amount of all expenses that do not change in total despite changes in the activity level or volume of production over a certain period.

Activity Is Higher

A state indicating increased levels of operations or actions in a given context.

Variable Overhead Efficiency Variance

The difference between the actual level of activity (direct labor-hours, machine-hours, or some other base) and the standard activity allowed, multiplied by the variable part of the predetermined overhead rate.