Current Liabilities Fall into Two Categories Which Are Referred to As

question 149

Multiple Choice

Current liabilities fall into two categories which are referred to as:

• A) contingent liabilities and contra-liabilities.
• B) contingent liabilities and noncontingent liabilities.
• C) unearned liabilities and contra-liabilities.
• D) liabilities of a known amount and estimated liabilities.

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Definitions:

Face Card

A term used in playing cards to refer to Jacks, Queens, and Kings.

Fair Die

A die that has an equal likelihood of landing on any one of its faces when thrown.

Events

In probability and statistics, an event is a set of outcomes of an experiment or situation to which a probability is assigned.

Disjoint

Sets that have no elements in common; non-overlapping.