1. What are the three important questions concerning the uncertainty of liabilities?
2. What is the...

Question

1. What are the three important questions concerning the uncertainty of liabilities?
2. What is the difference between a current and a long-term liability?
3. What is an estimated liability?
4. If $988 is the total of a sale that includes its sales tax of 4%, what is the selling price of the item only? 5. What is the combined amount (in percent) of the employee and employer Social Security tax rate?

David · Accepted Answer

1. What are the three important questions concerning the uncertainty of 
liabilities?
The three important questions concerning the uncertainty of liabilities are:
1) Whom to pay? 
2) When to Pay? 
3) How much to pay? 
2. What is the difference between a current and a long-term liability?
Difference between Current and Long term Liabilities 
Current Liabilities Long term Liabilities 
It became due within one year  It did not become due within one year.

1. What are the three important questions concerning the uncertainty of liabilities? 2. What is the difference between a current and a long-term liability? 3. What is an estimated liability? 4. If...

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