When a Company Is Obligated for Sales Taxes Payable, It

question 106

Multiple Choice

When a company is obligated for sales taxes payable, it is reported as a(n) :

• A) Business expense.
• B) Estimated liability.
• C) Current liability.
• D) Long-term liability.
• E) Contingent liability.

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Definitions:

Electrical Synapses

A type of synapse in which electrical signals are directly passed from one neuron to another through gap junctions, allowing for rapid communication.

Chemical Synapses

Specialized junctions through which neurons signal to each other and to non-neuronal cells via chemical messengers called neurotransmitters.

Nervous System

The network of neurons and cells that transmits signals between different parts of the body, coordinating actions and sensory information.

Electron Microscopy

A microscopy technique that uses a beam of electrons to create an image of the specimen, offering much higher resolution than light microscopy.