Match Each of the Following Current Liabilities with Its Meaning

question 179

Multiple Choice

Match each of the following current liabilities with its meaning.
-amounts expected to be paid to repair or replace defective products

• A)account payable
• B)note payable
• C)wages payable
• D)interest payable
• E)sales taxes payable
• F)CPP payable
• G)employment taxes payable
• H)unearned sales revenues
• I)estimated warranty liability

---

Definitions:

Tax Purposes

Considerations or actions taken to comply with tax laws or to optimize tax liabilities and benefits.

General Partnership

A business arrangement where two or more individuals share ownership, profits, and liabilities of a business.

Pet Grooming

The practice of cleaning and hygienically caring for pets, often involving hair cutting, nail trimming, and bathing.

Financial Responsibilities

Obligations related to managing money, assets, and investments, including budgeting, investing, and managing debt.