An Estimated Liability

question 33

Multiple Choice

An estimated liability:

• A) Is an unknown liability of a certain amount.
• B) Can be the result of a lawsuit.
• C) Is a liability that may occur if a future event occurs.
• D) Is a known obligation of an uncertain amount.
• E) None of these answers is correct.

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Definitions:

Unscheduled

Refers to events or activities, such as payments or transactions, that occur without a predetermined or set time frame.

Reminder

A tool or alert designed to prompt an individual to recall or take action on a particular task or event.

Transaction Types

The various categories of financial activities, such as sales, purchases, payments, and receipts, recorded in accounting.

Banking And Credit Card

Financial services and products that involve managing checking and savings accounts, as well as issuing and servicing credit card accounts.