Liabilities that occur spontaneously every month to pay for purchases and other operating expenses and which will be paid within a year are known as current liabilities______________________. A contingency should be recorded in the accounting records if the loss is probable, and the cost can be estimated ____________________________. A lease preserves cash for the company and allows the company to continuously have the latest technology __________________________.

Liabilities that occur spontaneously every month to pay for purchases and other operating expenses and which will be paid within a year are known as current liabilities. A contingency should be recorded in the accounting records if the loss is probable, and the cost can be estimated . A lease preserves cash for the company and allows the company to continuously have the latest technology ____.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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