3) A) The future event is reasonably possible but not estimable B) The future ev

Question

3) A) The future event is reasonably possible but not estimable B) The future event is probable and the amount owed can be reasonably estimated. 5) Contingent liabilities must be recorded if D) The future event is probable but not estimable. E) The future event is remote. 6) 6) In the accounting records of a defendant, lawsuits: A) Should always be recorded. B) Should never be recorded. C) Are estimated liabilities. D) Should be recorded if payment for damages is probable and the amount can be reasonably estimated. E) Should always be disclosed. 7) Uncertainties such as natural disasters are: 7) A) Disclosed because of their usefulness to financial statements. B) Estimated liabilities because the amounts are uncertain. C) Reported in the same way as debt guarantees. D) Not contingent liabilities because they are future events not arising from past transactions or events. E) Contingent liabilities because they are future events arising from past transactions or events. 8) FICA taxes include A) Federal and state unemployment taxes. B) Employee federal income tax. C) Charitable giving. D) Social Security and Medicare taxes. E) Employee state income tax. 9) The amount of federal income taxes withheld from an employee's paycheck is determined by: A) The employer's merit rating. B) Current earnings for the pay period and number of withholding allowances the employee claims. C) Tax tables provided by the state in which the employee works. D) Multiplying the gross pay by 6.2%. E) The amount of social security taxes withheld

Explanation / Answer

5) option is - A

Contingent liabilities must be recorded if the future event is reasonably possible but not estimatable the future event is probable but it is not estimatable

6) Option is - D

7) option is - D

8) option is - D

FICA taxes included social security taxes and Medicare taxes

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