Classify Each of the Following Items as Either

question 27

Short Answer

Classify each of the following items as either:
A. Estimated liability
B. Contingent liability
C. Known liability
1. Lawsuit against the company
2. Warranty on products sold this year
3. Accounts payable
4. Income taxes payable
5. Vacation benefits
6. Accrued wages payable
7. Debt guarantees
8. Sales taxes payable
9. Payroll taxes payable
10. Unearned revenues

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Definitions:

Legal Assistants

Also known as paralegals, these are professionals who assist attorneys in the delivery of legal services through research, document preparation, and case management.

Legal Writing Assignments

Tasks or projects in the field of law that require the creation of documents like briefs, memos, contracts, and wills, emphasizing precise language and clear argumentation.

Structural Devices

Structural devices are techniques used in writing and speech to organize and arrange content for clarity, impact, and effect, such as paragraphs, chapters, stanzas, and bullet points.

Settlement

An agreement reached by negotiating parties, especially in a legal context, to resolve a dispute without continuing to trial.