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

---

Definitions:

Void

Describes a contract or legal agreement that has no legal force or effect, making it unenforceable.

Good Title

Legal term indicating that a property owner has rightful ownership and is legally free of liens or other encumbrances.

Good Faith Purchaser

An individual who buys property without knowledge of any prior claims, disputes, or fraud, often protected under law from subsequent property claims.

Livestock Auction

A public sale event where livestock animals such as cattle, sheep, and pigs are sold to the highest bidder.