1. Accounts payable:

a. Are amounts owed to suppliers for products and/or services purchased on credit

b. Are long-term liabilities

c. Are estimated liabilities

d. Do not include specific due dates.

e. Must be paid within 30 days

2. A contingent liability:

a. Is always of a specific amount

b. Is a potential obligation that depends on a future event arising from a past transaction or event

c. Is an obligation not requiring future payment

d. Is an obligation arising from the purchase of goods or services on credit

e. Is an obligation arising from a future event.

3. Employer payroll taxes:

a. Are an added expense beyond the wages and salaries earned by employees.

b. Represent the federal taxes withheld from employees

c. Represent the social security taxes withheld from employees

d. Are paid by the employee

e. All of the choices are correct.

4. Employers:

a. Pay FICA taxes equal to the amount of FICA taxes withheld from the employees

b. Withhold employees' FICA taxes.

c. Pay unemployment taxes to the federal government

d. Pay unemployment taxes to both the state and federal governments

e. All of the choices are correct

5. FUTA taxes are:

a. Social Security taxes.

b. Medicare taxes

c.Employee income taxes.

d. Unemployment taxes

e. Employee deductions