All of the Following Are Estimated Liabilities Except

question 31

Multiple Choice

All of the following are estimated liabilities except

• A)liability for vacation pay.
• B)payroll liabilities.
• C)product warranty liability.
• D)property tax liability.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Leakage

Any diversion of income from the domestic spending stream; includes saving, taxes, and imports.

Circular Flow

A model in economics that describes the movement of resources, goods and services, and money among different sectors in an economy.

Leakages-Injections Approach

An economic understanding and analysis of how savings, taxes, and imports (leakages) offset government spending, investments, and exports (injections) in the circular flow of income.