Match the Following Items with the Appropriate Designation (Estimated Liability

question 33

Multiple Choice

Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability) .
-Vacation benefits

• A)Contingent liability
• B)Estimated liability
• C)Known liability

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Definitions:

Simplify

Simplifying an expression to its most basic state.

Divide

The process of splitting a number into equal parts or groups, or finding how many times one number is contained within another.

Multiply

The arithmetic operation of scaling one number by another, essentially repeated addition.

Multiply

The arithmetic process of calculating the result of adding a number to itself a certain number of times.