Classify Each of the Following Items as Either

question 67

Short Answer

Classify each of the following items as either:
A.Estimated liability
B.Contingent liability
C.Known liability

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Definitions:

Short-term Disability Plan

An insurance program that provides employees with a portion of their income for a limited period when they are unable to work due to illness or injury.

Voluntary Benefit

An optional employee benefit, typically self-paid, that offers additional coverage or services beyond the basic compensation package.

Income Security Benefit

Financial assistance provided by government or private entities to individuals, ensuring a minimum level of income for those who are unemployed, disabled, or retired.

Supplemental Unemployment Benefits

Additional financial benefits offered to unemployed individuals that supplement their regular unemployment compensation.