All of the Following Statements Related to Estimated Liabilities Are

question 168

Multiple Choice

All of the following statements related to estimated liabilities are true except:

• A)Are a known obligation of an uncertain amount that can be reasonably estimated.
• B)Include vacation benefits or paid absences.
• C)Depends on the likelihood that a future event will occur.
• D)Entry to record includes a debit to an expense account and credit to a payable account.
• E)Can be both current and long term.

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Definitions:

Unaccountable Consumerism

A critique of consumer behavior that stresses the lack of responsibility in the excessive acquisition of goods, disregarding the environmental and social consequences.