The Two Basic Characteristics of Estimated Liabilities Are

question 152

Multiple Choice

The two basic characteristics of estimated liabilities are:

• A)Probable and reasonably estimated.
• B)Known to exist and amount unable to be determined until a later date.
• C)Probable and non-interest bearing.
• D)Known to exist and interest bearing.

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Definitions:

Administrative Budget

A financial plan that outlines the expected administrative expenses and incomes, focusing on managing and operating an organization.

Spare Supplies

Additional or extra materials and items kept on hand to replace or replenish those in use as needed.

Administrative Budget

A financial plan that outlines the projected administrative expenses and revenues for an organization.

Expired Administrative Supplies

Office or medical supplies that are no longer usable or effective because they have passed their expiration date.