Classify Each of the Following Items as Either

question 31

Essay

Classify each of the following items as either:
1.Known current liability.
2.Estimated liability.
3.Contingent liability.
Pending lawsuit
Warranty liability on $150,000 worth of products sold
Accounts payable
Income taxes payable
CPP payable
Interest payable
Environmental liability
Property taxes payable
Payroll taxes payable
Unearned revenues

Prepare budget reports, including planning and flexible budgets.

Analyze budget variances, identifying favorable and unfavorable variances.

Understand the role of cost drivers in budgeting processes.

Calculate and interpret the total standard cost of a product.

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Definitions:

Strategic

Pertaining to the identification of long-term or overall aims and interests and the means of achieving them.

Primary Stakeholder

An individual or group that has a direct investment, interest, or involvement in the outcomes of an organization.

Political Action Group

An organization that seeks to influence political decision-making and public policy, often through lobbying, campaigning, and public advocacy.

Manufacturer

An individual or organization that makes goods or products from raw materials through the use of labor, machinery, and equipment.