All of the following are true of known liabilities except:

A) Include accounts payable,notes payable,and payroll.
B) Can arise from agreements or contracts.
C) Are measurable.
D) Can arise form laws.
E) May depend on some future event occurring.

Question

Raquel Dominguez · Accepted Answer

Final Answer : E, Explanation :  Known liabilities are definite obligations that a company can reliably measure and are not contingent on future events. Options A, B, C, and D describe characteristics of known liabilities, while E describes contingent liabilities, which depend on the outcome of a future event.

All of the following are true of known liabilities except:

A) Include accounts payable,notes payable,and payroll.
B) Can arise from agreements or contracts.
C) Are measurable.
D) Can arise form laws.
E) May depend on some future event occurring.

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Learning Objectives

Learning Objectives

Related questions

All of the following are true of known liabilities except:A) Include accounts payable,notes payable,and payroll.B) Can arise from agreements or contracts.C) Are measurable.D) Can arise form laws.E) May depend on some future event occurring.

Definitions

Learning Objectives

Learning Objectives

Related questions

All of the following are true of known liabilities except:

A) Include accounts payable,notes payable,and payroll.
B) Can arise from agreements or contracts.
C) Are measurable.
D) Can arise form laws.
E) May depend on some future event occurring.