ACCT Chapter 8

Which of the following is reported as a current liability? A. Notes Payable due in two years B. Notes payble due in 15 months C. Current portion of long -term debt D. unused line of credit

C. Current portion of long-term debt

Which of the following statements regarding liabilities is true? A. liabilities are always payable in cash B. liabilities are all reported as current in the balance sheet C. liabilities result from future transactions D. Liabilities represent probable future sacrifices of benefits

D. Liabilities represent probable future sacrifices of benefits

which of the following increases an employer's payroll costs? A.FICA withholding from the employee B. state income tax C. federal income tax D. employer's FICA contribution

D. employer's FICA contribution