Match the Following Items with the Appropriate Designation (Estimated Liability

question 93

Multiple Choice

Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability) .
-Accrued wages payable

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

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Definitions:

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where market supply and demand balance.

Quantity Demanded

The collective measure of a commodity or service that people are eager and have the means to purchase at an identified price level.

Quantity Supplied

Refers to the total amount of a good that producers are willing to sell at a given price over a specific period.