Which of the Following Is an Example of an Estimable

question 55

Multiple Choice

Which of the following is an example of an estimable probable contingency?

• A) FICA Taxes Payable
• B) Income Taxes Payable
• C) Warranty Payable
• D) Accounts Payable

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Definitions:

Checking Account

A bank account that allows for easy access to funds through checks and electronic means for everyday transactions.

Creditor

An entity or person that lends money or extends credit to another party, expecting repayment in the future.

Deposit Agreement

A contract between a customer and a bank setting forth terms and conditions for deposit accounts.

Good Faith

An honest intent to act without taking an unfair advantage over another party, often highlighted in contracts and negotiations.