Home / Questions / Listed below are several terms and phrases associated with current liabilities
Listed below are several terms and phrases associated with current liabilities. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.
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List A |
List B |
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1. Cash, short-term investments, and accounts receivable all divided by current liabilities. |
a. Recording a contingent liability b. Disclosure of a contingent liability c. Interest expense |
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2. Loss is probable and can be reasonably estimated. |
d. FICA e. Commercial paper |
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3. Gift cards. |
f. The riskiness of a business’s obligations |
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4. Long-term debt maturing within one year. |
g. Current portion of long-term debt h. Unearned revenues |
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5. Social Security and Medicare. |
i. Acid-test ratio |
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6. Interest expense is recorded in the period interest is incurred rather than in the period interest is paid. |
j. Accrual accounting |
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7. Loss is reasonably possible and can be reasonably estimated. |
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8. Incurred on a notes payable. |
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9. Unsecured notes sold in minimum denominations of $25,000 with maturities up to 270 days. |
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10.Classifying liabilities as either current or long-term helps investors and creditors assess this. |
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